OCTOBER 2022
REAL ESTATE MARKET UPDATE
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Buyer Relief or Market Dump?!
September 2022 is a Seller's market! The number of for sale listings was up 103.8% from one year earlier and up 1.6% from the previous month. The number of sold listings decreased 27.9% year over year and decreased 7% month over month. The number of under contract listings was down 14.7% compared to previous month and down 30.1% compared to previous year. The Months of Inventory based on Closed Sales is 2, up 185% from the previous year.
The Average Sold Price per Square Footage was down 1.6% compared to previous month and up 2.5% compared to last year. The Median Sold Price decreased by 0.6% from last month. The Average Sold Price also decreased by 1.7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Depreciating" and the Median Sold Price trend is "Depreciating".
The Average Days on Market showed a upward trend, an increase of 100% compared to previous year. The ratio of Sold Price vs. Original List Price is 95%, a decrease of 6.9% compared to previous year.
Brokers say home buyers “finally get some relief” with return to “more traditional market”
“The shift in the market isn’t a surprise,” said broker Mike Larson when commenting on the latest statistics from Northwest Multiple Listing Service. The report on September activity shows active listings are nearly doubled from a year ago, pending sales declined more than 31%, but prices in most counties are still rising.
“Buyers are finally getting some relief,” said a member of the Northwest MLS board of directors. “Getting back to a balanced, more normal market is almost a welcome change,” he added, but noted “inflation and rising rates aren’t helping.”
“Though technically still a seller’s market, it is more favorable to buyers than it has been in a decade,” with building inventory, lengthening market time, and a slowdown in price increases as factors.
NWMLS brokers reported 7,504 closed sales during September, down 27% from a year ago when they notched 10,289 completed transactions.
The median price on last month’s sales across the 26 counties in the report rose about 5.1% from a year ago, increasing from $570,000 to $599,000. Prices are down slightly from the August median of $600,000 and from the year’s peak of $660,000 that was reported in May.
“The ‘Great Reversion’ continues with the number of homes in the tri-county market of King, Pierce, and Snohomish counties up 106% from a year ago,” stated Matthew Gardner, chief economist at Windermere Real Estate. “It’s worth noting that current inventory levels in King and Snohomish counties are still around 13% lower than they were in September 2019 prior to the pandemic-induced market shift.”
NWMLS Market Snapshot - September 2022
George Moorhead of Bentley Properties talks about Inflations Causing Rates To Go Up and Is The Real Estate Market Crashing?
Plus, Top 5 Things You Need To Look For When Getting Mortgage Rates
