EducationMarket UpdateNWMLS Press Release April 7, 2023

April 2023 Seattle Housing Market Update

NWMLS Northwest Multiple Listing Service

Brokers around Washington state say spring market is “finally showing up”

*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 my bullet points from the newest press release from the Northwest Multiple Listing Service:

  • Stats show declines in some key metrics for March compared to 12 months ago, but steady gains when compared to February and January.
  • “Despite the year-over-year comparisons showing declines, the year-to-date trends indicate the market is moving in a positive direction, towards a healthy market, albeit at a lower velocity than last year.”
  • “With interest rates dropping and less competition overall, people who have been sitting on the sidelines are jumping back into the market.”
  • “Open house activity is up and we continue to see multiple offers on well-priced homes, with seller concessions starting to wane.”
  • At the end of March, active listings in the MLS database were up more than 73% from a year ago and up about 10.7% from February.
  • Prices overall were down about 7.5% from a year ago, however there is considerable variation depending on the area.
  • Freddie Mac’s chief economist said economic uncertainty continues to bring mortgage rates down.
  • “Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.”

To read the full press release, click here.