August 2022 Seattle Housing Market Update

Brokers say all parties in housing transactions
need to recalibrate during shifting market

*NOTE* – the data we are looking at is from the full month of July. 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:

• Residential inventory across the NWMLS is up to just over 2 months of inventory, the highest it’s been since January 2019.
• Active listings have nearly doubled from a year ago.
• “Buyers still have to compete with other would-be homeowners, and depending on the property, some sellers are receiving offers over their asking price.”
• Activity is slowing. Pending sales were down about 24% from a year ago, and closed sales were down almost 30% compared to last year.
• Despite fewer sales, prices still rose, but at a slower rate. The median price on last month’s closed sales of single family homes and condos in Seattle increased 7% from a year ago.
• “Buyer opportunities have returned to the Puget Sound market, including increased availability and selection of properties, as well as fewer multiple offer/premium pricing situations.”
• Marketing times continue to be brisk, saying most sellers receive offers within 15 days, although that may increase as inventory grows.
• “With listings starting to build again we are seeing a bit of a natural slowdown, yet still very much a sellers’ market.”
• “We are not seeing median prices drop significantly. Slight seasonal decreases from May to July are typical for this time of year after the spring
  market, with this year further impacted in July by a heat wave and spike in travel.”

To read the full press release, click here.