January 2023 was a Seller's market! 

The number of for sale listings was up 156.9% from one year earlier and down 17.2% from the previous month. The number of sold listings decreased 34.4% year over year and decreased 27.2% month over month. The number of under contract listings was up 52.8% compared to previous month and down 3.7% compared to previous year. The Months of Inventory based on Closed Sales was 2.5, up 292.8% from the previous year. 

The Average Sold Price per Square Footage was down 0.9% compared to previous month and down 3.4% compared to last year. The Median Sold Price increased by 0.5% from last month. The Average Sold Price also decreased by 0.1% from last month. Based on the 6 month trend, the Average Sold Price trend was "Depreciating" and the Median Sold Price trend was "Neutral". 

The Average Days on Market showed a upward trend, an increase of 125% compared to previous year. The ratio of Sold Price vs. Original List Price was 94%, a decrease of 8.7% compared to previous year.

Northwest MLS brokers encouraged by declining mortgage rates with some saying pent-up demand is triggering multiple offers

Pending sales around Washington state reached the highest level since October and surged nearly 44% from December, according to the January report from Northwest Multiple Listing Service. Last month’s 5,776 mutually accepted offers were down about 9% from a year ago, but brokers seemed encouraged by the “favorable spike.”

Prices on last month’s closed sales edged up slightly, at 0.41%, compared with twelve months ago. The area-wide median price on January’s 3,264 completed transactions $557,250; a year ago, when there were 5,085 closed sales, it was $555,000. Nine of the 26 counties in the report had year-over-year price bumps.

The selection of properties, based on the number of total active listings in the MLS database, improved significantly from a year ago, rising from 3,092 listings to 8,220 at month end. That total, which includes 7,179 single family homes and 1,041 condominiums, was down about 13.2% from December’s selection.

Brokers added 4,925 new listings to the MLS database in January, about 1,000 fewer than the same month a year ago. Last month’s additions outgained December when 2,980 properties were added, as well as November, when 4,890 listings were added.

NWMLS Market Snapshot - January 2023

Know the Top 5 Things You Need To Ask For When Getting Mortgage Rates

For more Real Estate News and Tips, Follow us on Facebook and YouTube

LIKE, FOLLOW and SUBSCRIBE TODAY!