Seattle Monthly Housing News

KIRKLAND, Washington (December 6, 2022) – November statistics from Northwest Multiple Listing Service surprised few brokers. They point to holidays, inclement weather, and various economic factors for prompting pauses in listing and sales activity. Nonetheless, several industry leaders commented on positive signs, fueled in part by pent-up demand and evidence of easing inflation pressures.

“Determined buyers are purchasing homes, with pent-up demand driving the market,” reported Dean Rebhuhn, owner of Village Homes and Properties in Woodinville. “Sellers who price to the market are attracting showings and receiving good offers,” he added, noting King County experienced an average of 55 sales per day last month, with year-over-year (YOY) median prices in King County up $10,000, rising from $740,000 to $750,000.

Northwest MLS figures show both pending and closed sales fell sharply from a year ago, but median prices system-wide edged up slightly (0.88%), from $570,000 to $575,000.

Pending sales (mutually accepted offers) across the 26 counties in the report were down 40% (dropping from 8,571 a year ago to 5,106) while closed sales fell 42% (declining from 8,976 to 5,194). NWMLS figures show brokers closed an average of 173 sales per day across all counties.

The volume of closed sales, at 5,194, was the lowest level since February (5,147) and January (5,085). Compared to January’s median price of $555,000, last month’s buyers paid 3.6% more ($575,000).

“Our traditional seasonal slowdown around the holidays is happening earlier this year, with the alignment of climbing interest rates, economic news, local weather, and a volatile stock market,” stated John Deely, executive vice president of operations at Coldwell Banker Bain. “These conditions make it easier for consumers to place large purchases on hold, though we saw several notable sales in the luxury market over the last month, as real estate is still one of the best investments one can make,” he remarked.

Data from the multiple listing service shows 15.84% of November’s sales topped $1 million, while a year ago 13.96% of sales were at that level.

KIRKLAND, Washington (November 7, 2022) – Brokers with Northwest Multiple Listing Service (NWMLS) are reporting a return to some creative financing methods as motivated home buyers and sellers grapple with higher mortgage rates. Despite that, and the seasonal slowdown in activity, 6,435 hopeful homebuyers succeeded in having sellers accept their offers to purchase during October.

“Buyers are benefiting from more choices in inventory and less competition, while sellers are more negotiable when it comes to contingencies,” reported NWMLS director Meredith Hansen. “We are seeing more 2/1 buydowns and adjustable-rate mortgages with buyers planning to refi when the rates come back down,” added Hansen, the founder and operating principal at Keller Williams Greater Seattle.

The latest Northwest MLS shows 6,435 pending sales last month, and about the same volume (6,464) of closed sales. Both figures were down from the year-ago totals, with pending sales dropping about 39% and closings declining around 35%.

Median sales prices still rose year-over-year in most of the 26 counties on the report. Area-wide, the median price on last month’s completed sales of single family homes and condominiums was $595,000. That was an increase of about 3.5% from twelve months ago, but a decline of approximately 9% from May when prices peaked at $660,000.

Homes and condos in San Juan County commanded the highest prices, with a median sales price of $911,000 – and that was a 7.5% decline from a year ago. Last month’s closings in King County had a median price of $811,000, up more than 8% from the year-ago figure of $750,000.

A comparison of counties shows price drops in nine of them. Seven counties had double-digit gains, but improved inventory and interest rates were the storyline for many of the brokers who commented on the NWMLS statistics.