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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.
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.
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.
June 2021 Housing Market Update (NWMLS Press Release)
May marked a month of new records for some market indicators
*NOTE* – the data we are looking at is from the full month of May. 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:
- May’s inventory was down 46.6% compared to last year
- year-over-year median price is 30% higher than a year ago
- “Record low interest rates and job gains continue to drive the market, along with focused lifestyle changes”
- rising home prices are prompting buyers to drive farther north, south, and east to find affordable homes
- pending sales edged above the volume of new listings (high buyer demand has kept supply depleted)
- “Only a decrease in demand will moderate house price trends”
- “Frenzy-level buyer demand has not waned. The local market is still virtually sold out in the more affordable and mid-price ranges, as well as into the luxury ranges in some areas”
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.
December 2020 Housing Market Update (NWMLS Press Release)
Northwest MLS brokers say real estate activity across Washington remains strong
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:
- buyer demand remains strong, while inventory is too low to satisfy the demand
- buyers must be ready to compete, and they need the right search and offer strategies
- more activity than there normally is this time of year
- across the MLS, the number of sales is up about 23% compared to a year ago
- prices are up about 14% from a year ago
- inventory is down about 43% compared to last year
- inventory for Seattle condos is actually up about 61% compared to last year, with prices rising almost 9%
- mortgage interest rates hit their lowest level for the 14th time this year, currently at 2.71% for a 30-year fixed-rate mortgage
- the so-called “COVID Effect” is causing buyers to want more space, inside and outside, for working and schooling from home
To read the full press release, click here.
November 2020 Housing Market Update (NWMLS Press Release)
Anxiety among home buyers “incredibly high” as they vie
for unpreceded shortage of homes across much of Washington 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.
- active listings were down 40% compared to the same month last year
- pending sales were up 16% and closed sales were up 30% compared to last year
- interest rates remain historically low, offering increased affordability for buyers, which also comes at the cost of more buyers competing with each other
- Boeing’s announcement of layoffs has not shown any negative effect on the market so far
- areas outside King County are increasingly competitive and prices are rising, but still far below King County. The median price single family home in Snohomish county (excluding condos) sold for about $165,000 less than in King County (580,000 vs $745,000)
- open houses are permitted again with up to five visitors on the property at one time, in addition to the hosting broker
- condo buyers have less pressure in some parts of the market, with new listings 38% higher than last year at this time
To read the full press release, click here.
