The latest Northwest MLS data for October show a seasonal slowdown, exacerbated by rising interest rates, resulting in decreased year-over-year transactions due to weakened buyer purchasing power, with only 1% increase in median price across all counties covered by the NWMLS. Read More
The newly released Northwest MLS key metrics for August reveal declines in new and active listings, pending sales, and closed sales compared to August 2022. The median price, however, increased from a year ago. The current housing market is described as lacking direction and may not stabilize until mortgage rates start to decline, assuming the US economy continues to moderate. Some experts expect an increase in listings during the fall season, providing more options for buyers. Read More
July's Northwest MLS stats show declines in listings, sales and prices across 26 counties vs. last year. Sales slowed, nudging supply from 1.55 in June to 1.76 in July. Median prices were down 1.6% system-wide and 2.7% in King County from June. Active markets persist; the Eastside sees high activity & median prices exceeding $1.4M. Economist Matthew Gardner expects stable rates through summer, limiting movement in terms of sales and prices, unless a fall economic shift sparks revival. Read More
June's Northwest MLS show that demand continues to keep the existing and new inventory in check as buyers compete over low inventory, driving the median price up. In king county the median price for single family homes (excluding condos) has had a 19.7% increase year to date. The number of closed sales although down about 24% from June 2022, was the highest number of closings since September.
May's Northwest MLS statistics show year over year gains in sales and prices, along with improved inventory. The local market sees robust buyer demand. In King County, with less than one month's supply, fierce competition necessitates buyers to move fast. The median sold price of single-family homes dropped nearly 9% year over year, from $998,888 in May 2022 to $910,000 last month, but still up from April's median of $875,000. Read More
The April statistics from the Northwest MLS show year-over-year drops in new listings, pending sales and closed sales, an increase in total active listings, and lower prices. The April numbers, however, were up from January, including the median price that shows an increase of 8.3% from January. In King County the median price was down 10.2% from a year ago, but up 9.3% from January. The supply of homes continues to be low as homeowners want to hold onto their low mortgage rates. Read More
Newly released statistics from the Northwest MLS show that the spring housing market, which usually kicks off in February, finally showed up in March. Despite the year-over-year comparisons showing declines, data for new and active listings, pending sales and closed sales were trending upward from February to March. Area-wide prices were lower than a year ago, but increased by 5.9% since January. Despite the buildup of inventory during March, the low supply of home remains a challenge. Read More
Newly released statistics from the Northwest MLS for February show an uptick 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 all those metrics declined. Although the number of homes for sale in February (1.7 months) more than doubled from a year ago, in February there were still fewer homes available to buy than in January (when the inventory was at 2.5 months.) Read more
The January statistics from the Northwest MLS show a surge in pending sales of nearly 44% from December, which points to strong buyer demand. Multiple offers are back, although not at the level we saw in the last couple of years. Homes that are priced correctly and show well sell quickly. Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market. Read more