March 2023 Seattle Housing Market Update

by Evan Richards

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.

Education • Market Update • NWMLS Press Release • May 9, 2022

May 2022 Seattle Housing Market Update

by Evan Richards

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.

Education • Market Update • NWMLS Press Release • October 7, 2021

October 2021 Housing Market Update (NWMLS Press Release)

by Evan Richards

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.

Education • Market Update • NWMLS Press Release • October 9, 2020

October 2020 Housing Market Update (NWMLS Press Release)

by Evan Richards

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.