NWMLS Statistics show a slowed market but it’s not a buyers’ market quite yet
December real estate is often a quiet time of the year due to holidays, and this year the weather made it even more challenging. The December Seattle market update released by the NWMLS reveals that sales are down and new listings are up compared to this time last year.
So what does that mean for buyers and sellers in the greater Seattle area?
Although housing inventory is up, it is not yet to the level of a buyers’ market (represented as 4 to 6 months of inventory). Sales were down in all the King and Snohomish counties we cover. It certainly appears that buyers would have the advantage based on those numbers.
However, one thing that has held steady is the median home price. It has dropped slightly in a couple of areas, but overall the King County median home price rose 2% ($825,000) and the Snohomish county median home price held steady ($700,000) compared to this time last year. 2021 was an unprecedented year in real estate and those soaring home prices carried into 2022. We see much of the market stabilizing at this point, but with whispers that interest rates will go down more, it could mean home prices hold steady in 2023. According to Forbes, 30-year mortgage rates are in the low 6% range this month compared to November 2022 when they were over 7%.
Here is a breakdown of the greater December Seattle market update compared to this time last year:
We strongly recommend that sellers do a walk-through with a real estate professional before listing to address home repairs and updates. There are many updates a seller can do to increase their return on investment and attract buyers. Now through the end of February, our team is offering a FREE 1-hour design consultation whether you are planning to sell your home now or not. We know the importance of considering value-added updates and design choices for your home at any time of homeownership. You will reap the benefits when you do decide to move!
Click here to read about how we work with buyers. If you’re considering listing your home for sale or are curious about what your home may be worth in this market, click here to learn more.