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May 2022 Seattle Housing Market Update
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.
April 2022 Seattle Housing Market Update
Rising interest rates not yet slowing home sales or “too concerning” for NWMLS officials
*NOTE* – the data we are looking at is from the full month of March. 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:
- The report showed a 7.4% year-over-year drop in pending sales, but brokers suggested the decline is likely a reflection of limited supply.
- Rising mortgage rates have not had a serious impact on home sales or prices.
- Experts predict mortgage rates to continue trending higher in the coming months.
- Multiple offers are still the norm. “Buyers are making strong offers, pre-inspecting homes, and making sure financing is in place.”
- “The market is following the normal seasonality of spring, which brings more resale listings coming on the market.”
- The area-wide median price was $638,000, up about 16.4% from a year ago and up 9% from February.
- Northwest MLS figures show prices in the four-county region (King, Kitsap, Pierce and Snohomish) have surged nearly $200,000 (38.5%) since March 2020, jumping from a median price of nearly $520,000 to nearly $720,000.
To read the full press release, click here.
March 2022 Seattle Housing Market Update (NWMLS Press Release)
Multiple offers “the norm” for home buyers, but may ease with uptick in listings
*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, which provides housing market data for most of Western Washington:
- February’s improving inventory and a slowing pace of price increases may ease some of the competitive pressures.
- There is optimism for the housing market as pandemic-related restrictions ease, but also uncertainty due to the global economic crisis around Russia’s invasion of Ukraine.
- “Inflation, rising interest rates, and new financing options are bringing more sellers into the market.”
- King County inventory increased almost 40% in February compared to January.
- Single-family home prices rose about 12.2% compared to a year ago.
- Condo prices rose nearly 23% area-wide compared to last year.
- “Buyers who are sitting on the sidelines waiting for prices to come down could be waiting some time.”
- “Every seller is generally also a buyer and many placed their real estate dreams on hold during the pandemic. They are now ready to take action and explore their next chapter.”
- Industry analysts believe conditions will probably continue to favor sellers.
- “Buyers will be pleased to hear that more listings are on the way! Historically, the number of new listings bumps up in March and April, and then goes up even higher in May and June.”
- Freddie Mac believes short-term mortgage rates will stay low but are likely to increase in the coming months.
To read the full press release, click here.
January 2022 Housing Market Update (NWMLS Press Release)
Northwest MLS brokers end 2021 with depleted inventory, rising prices, weather disruptions
*NOTE* – the data we are looking at is from the full month of December. 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:
- Severe shortages of inventory, record-low temperatures and snow restrained December housing activity around Washington state beyond expected seasonal slowdowns.
- New listings were down 12.3% compared to last December.
- Prices were up 17.4% overall for homes and condos across the NWMLS.
- King County was one of only three counties where the single family price change was under 10%; prices there rose from $740,000 to $810,000. A dozen counties had price jumps of 20% or more.
- Despite low inventory and pandemic-related hurdles, the number of closed sales was up 12.1% compared to 2020.
- Inventory across the NWMLS is at decade-lows with less than two weeks of supply.
- Expect the pace of price growth to slow significantly in the coming year due to rising mortgage rates and affordability constraints.
- “The Puget Sound region is in dire need of more housing units which would function to slow price growth of the area’s existing housing. However, costs continue to limit building activity, and that is unlikely to change significantly this year.”
- 2022 will be similar to last year, with low inventory and lots of buyer demand. Prices are expected to keep rising, though not as drastically.
- Interest rates are predicted to rise slowly and stay below 4%.
To read the full press release, click here.
December 2021 Housing Market Update (NWMLS Press Release)
Northwest MLS brokers not seeing much seasonal slowdown, say buyers still need to be bold
*NOTE* – the data we are looking at is from the full month of November. 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:
- Historically soggy weather and the onset of holidays did not deter thousands of buyers and sellers during November, based on the latest report from Northwest Multiple Listing Service. Numbers for new listings, pending sales, and closed sales were comparable to year-ago totals, while prices rose a little more than 15%.
- “The so-called seasonal slowdown normally sees serious buyers gain an advantage over casual buyers who take a break during the holidays. The difference this year is that there are fewer buyers taking a break and demand remains high.”
- “Waived inspections and funds committed upfront in the event of a low appraisal are not as common, but sellers still have the upper hand.”
- “Typically, we see a lull of sales activity during late fall and into early winter. While there are fewer transactions at this time of year, the intensity for each new listing going under contract is extremely high.”
- King County’s supply of homes for sale is down about 60% compared to a year ago, which continues to lead to multiple offer situations.
- Extreme price appreciation within Seattle has leveled off, whereas the Eastside and Southeast King County saw prices rise more than 26% compared to a year ago.
- The Federal Housing Finance Agency (FHFA) limits for conforming loans rose from $776,250 to $891,250 in the higher-cost tri-county area encompassing King, Pierce and Snohomish counties.
- Looking ahead to 2022, expect the pace of appreciation “to slow significantly” from levels seen this year.
To read the full press release, click here.
November 2021 Housing Market Update (NWMLS Press Release)
Buyer hesitancy sidelines some while others compete for scarce housing inventory
*NOTE* – the data we are looking at is from the full month of October. 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:
- Brokers are detecting indecisiveness by some buyers who are getting mixed “work from home” messages from their employers.
- Coupled with cooler, wetter weather and increases in mortgage rates were likely factors in slower listing and sales activity during October.
- “While the overall slowdown in the market is seasonal and can be attributed to people being priced out of the market, as well as a slight uptick in interest rates, supply chain issues experienced with construction materials late this summer are beginning to normalize.”
- New listings were down 11.6% compared to the same month a year ago, and nearly 19% down compared to September.
- Inventory is still very tight and we are approaching our seasonal low in inventory as the year closes out.
- Across all the NWMLS, prices for single-family homes and condos are 15% higher than a year ago.
- “The trends provide a mixed message as to whether demand will return to the cities as quickly as anticipated. With millennials looking for value and increased opportunities to purchase a home in the suburbs, it could be an interesting few months as to whether the lifestyle of the city and employers can change the balance of demand back to the city.”
- Buyers may find some relief with condos, but inventory is down about 55% from a year ago.
To read the full press release, click here.
October 2021 Housing Market Update (NWMLS Press Release)
Northwest MLS brokers report gains in new listings, closed sales, prices versus year ago
*NOTE* – the data we are looking at is from the full month of August. 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:
- September’s housing market remained “very active” to “frenzied” around Washington state.
- “Historically low interest rates continue to drive the real estate market.”
- Low inventory is still a problem for buyers. Total active listings are nearly 15% lower than they were a year ago.
- King County had the sharpest decline in inventory for single-family homes, down 32.5% compared to a year ago.
- King County prices increased about 6.7% compared to last year, much lower than nearly all the “outer suburban” counties along I-5 which posted increases of 15% or more.
- “With decreases in active listings in King and Snohomish counties, price pressure may increase in urban areas of the region as people return to the city for work.”
- As people start returning to the city, Seattle-area condos, which were negatively impacted by COVID-19, have been reporting consistent increases in both sales and prices. However, Seattle-area condo inventory is about half of what it was a year ago.
- Buyers continue to migrate to suburban markets like Shoreline, Lake Sammamish, Auburn, Skyway, Woodinville, and Burien, likely because housing is more affordable than in areas closer to Seattle and Bellevue.
- A single-family home that sold in King County last month had a median selling price of $825,600, while for condos it was $466,501.
- Prices are beginning to level out and the market is slowing down, as is typical this time of year.
- Buyers may find less competition this time of year because of the weather and holidays.
To read the full press release, click here.
September 2021 Housing Market Update (NWMLS Press Release)
Northwest MLS brokers say August activity follows patterns of seasonal slowing
*NOTE* – the data we are looking at is from the full month of August. 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:
- End-of-summer vacations and back-to-school prep caused a decrease in activity that reflects a normal seasonal pattern
- compared to July, August had fewer new listings, pending sales, and closed sales, lower median prices, and less overall inventory
- overall open house traffic dipped as well
- homes are sitting on the market slightly longer, but inventory is still low relative to demand
- prices are up year-over-year about 18.2%
- mortgage rates continue to be below 3%
- condo sales in King County are up about 20% compared to a year ago, which could mean buyers are choosing to move back to the city or getting priced out of buying residential homes
- luxury home sales continue to exceed expectations, with no signs of slowing
- nearly 15% of this year’s sales (through August) commanded prices of $1 million or more
To read the full press release, click here.
August 2021 Housing Market Update (NWMLS Press Release)
Home buyers are finding some relief, but Northwest MLS brokers say it is temporary
*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:
- New listings passed pending sales by a small margin.
- “August historically is the last month of the year with elevated levels of new listings before they slowly taper down in the fall and decline more substantially over the winter.”
- “There seems to be a bit of a leveling off from the market frenzy.”
- Prices continue to climb by double digits in all but a few counties.
- Advice to buyers: “Take advantage of this time before Labor Day and the fall market.”
- Advice to sellers: “Overpricing a listing in this market is still a big mistake.”
- Prices in suburban counties and along much of the I-5 corridor have increased sharply in the last two years.
- “With interest rates staying at historically low levels and less than a one-month supply throughout the region, the perfect storm for rising house prices will continue, but perhaps not as ferociously as before.”
- Building supply chain slowdowns and a scarcity of skilled workers has contributed to the lack of affordability.
- The pattern continues: low inventory and high demand from low interest rates.
To read the full press release, click here.
July 2021 Housing Market Update (NWMLS Press Release)
Market offers hope for homebuyers, but Northwest MLS brokers say it may be temporary
*NOTE* – the data we are looking at is from the full month of June. 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:
- number of active listings reached the highest level since November
- volume of new listings added last month was highest number in 17 months
- total active listings in Snohomish, King, and Pierce counties increased 14.5% from May
- “Low inventory and high demand coupled with low interest rates continue to drive up the market.”
- Snohomish County has the lowest inventory in the NWMLS, with inventory down more than 44% from a year ago
- “While pending sales saw a significant drop over this time last year, we believe that rather than that being an indication of a flattening of the market, this is a result of our extreme heat events, a typical summer slowdown as schools let out and people starting vacations, and, this year, the reopening of the country and discontinuation of COVID-19 restrictions.”
- well-priced properties are closing quickly
- across the NWMLS, the median sales price rose nearly 27% from a year ago
- “Generally speaking, July and August provide more opportunities for buyers as there is less competition because of vacations and fewer relocation buyers in mid-summer.”
To read the full press release, click here.
