Improving housing inventory, rising costs may bring some “normalcy” to Western Washington market
*NOTE* – the data we are looking at is from the full month of April. The NWMLS comprises 26 of Washington’s 39 counties, mostly in the western part of the state.
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides housing market data for most of Western Washington:
- Scott noted a “slight increase” in unsold properties, adding, “Not all homes are selling within the first week on market.”
- Multiple offers and prices above asking will not be as common as they have been the last two years.
- “Unfortunately for King County buyers, the area is still desperate for inventory and competition is as fierce as ever.”
- Area wide, the number of new listings (11,681) surpassed the number of pending sales (9,760), to help boost inventory.
- “This is evidence that interest rates are having a cooling effect on some parts of the suburban market and along the I-5 corridor.”
- There was a sharp decline in condo inventory in King County from a year ago, down about 35% countywide. This caused number of sales to go down and prices to go up.
- The median sale price of homes (excluding condos) in King County increased nearly 20% from a year ago to a new all-time high of $995,000.
- “We are starting to see signs of impact from the significant rise in mortgage rates earlier this year, such as an increase in active listings and months of inventory creeping higher, but the full impact will likely not be felt for a few months.”
- “Even with rising mortgage rates, inflation and high gas prices, the housing market remains strong with prices continuing to increase.”
To read the full press release, click here.