March 2023 Seattle Housing Market Update

Brokers say housing activity seems to be trending in direction of a normal seasonal market

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

Softening prices are enticing some would-be buyers, while others remain on the sidelines hoping fluctuating mortgage rates will stabilize or decline.
The data show upticks in new listings, pending sales, closed sales and median prices compared to January, but when compared to the same month a year ago, figures for those metrics declined.
“Buyer demand remains at reasonable levels considering the high interest rate environment we’re in. Multiple offers are still seen on the right properties.”
“Although the number of homes for sale in the tri-county area of King, Pierce and Snohomish counties is more than double from a year ago, there were still fewer homes available to buy in February than in January.”
“Year over year, home sales prices are down, but that isn’t surprising given that a year ago homebuyers were scrambling to buy in the face of mortgage rates that were about to skyrocket.”
“Many homebuyers are making their buying decisions now while inventory is available, and they’ll refinance at a later date.”
“The reason there’s so little inventory is because sellers are worried about finding a replacement home and are reluctant to give up their sweetheart 3% and 4% mortgages.”

To read the full press release, click here.