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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.
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.
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.
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.
March 2021 Housing Market Update (NWMLS Press Release)
Housing market stays hot despite some “lousy” February weather
*COVID UPDATE: open houses are allowed with up to 10 visitors practicing social distancing and wearing masks.
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 market continues to be hot, with residential inventory tight and median prices rising year-over-year by double digits across most of the counties in the NWMLS
- total active listings of single family homes were down 44% from a year ago, mostly because homes are selling fast and few are staying on the market
- there is very little inventory sitting on the market unsold, except for the Seattle city core
- condo buyers will find a bit more selection, with inventory up almost 8% from a year ago, and median prices more stable compared to single-family homes
- sales in February were up 6.9% compared to January, which shows that neither the snow we had or the uptick in mortgage interest rates deterred buyers
- the average interest rate of a 30-year fixed-rate mortgage was 3.02% for the week ending March 4, still very low historically
- “The intensity we’re seeing should come down slightly as more available homes enter the market, but we have to play catch-up with pent-up buyer demand first”
To read the full press release, click here.
October 2020 Housing Market Update (NWMLS Press Release)
September’s home sales reached highest level since June 2018
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 closings marked a jump of nearly 28% from the same month a year ago
- inventory is down 43% from a year ago
- pending sales are up 23% from a year ago
- prices for single family homes and condos combined are up 19% from a year ago
- it’s too soon to make any predictions about how Boeing’s announcement to move 787 production to South Carolina away from Everett will affect the Snohomish County housing market
- supply continues to be inadequate to meet demand
- in King County, the median sale price for single family homes was $754,600 (median means half sold for more, half sold for less)
To read the full press release, click here.
August 2020 Housing Market Update (NWMLS Press Release)
Opportunities abound for home buyers and sellers, but brokers say “don’t delay”
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides data for most of Western Washington.
- pent-up demand from homebuyers meant inventory remained tight
- pending sales jumped nearly 14% from a year ago
- inventory remained well below the level from last year (down about 39%)
- interest rates at historical lows mean buyers can get much more for their money (many buyers are getting rates at under 3%)
- depleted inventory means multiple offers in just about every market and at every price point
- the need for housing outweighs the fears of coronavirus
- suburban lifestyle continues to draw buyers especially with remote work becoming more common
- with low inventory, prices continue to increase, but inventory looks to be inching up
- demand will continue to far outstrip supply for quite a while
- King County median price for homes and condos up 7.2% from a year ago to $670,000
To read the full press release, click here.
