✅ Numbers for new listings, pending sales, and closed sales were comparable to year-ago totals.

✅ Median closed price for these sold residential homes and condos are up, 17.4% higher than last year's numbers

✅ Total dollar value for the homes sold went up by 14.2% as compared to December 2020

✅ Stated another way, there was less than two weeks of supply (0.40) at month end. Inventory was even more sparse in seven counties, with Snohomish having the most acute shortage at 0.20 months. Other counties that fell below 0.40 months were Clark (0.26), King (0.27), Island (0.29), Pierce (0.32), Thurston (0.31) and Kitsap (0.38)..

✨Takeaways :

Summary statistics from the MLS show the volume of new listings added area-wide dropped 12.3% during December compared with the same month a year earlier. Year-over-year inventory, pending sales, and closed sales all fell by double digits. Only prices rose - up 17.4% overall for homes and condominiums that sold across the 26 counties in the report.

The median price for last month's closed sales was $572,900, up from twelve months ago when it was $488,000. Prices for single family homes (excluding condos) surged nearly 17.5%, from $502,247 to $590,000. King County was one of only three counties where the single family price change was under 10%; prices there rose from $740,000 to $810,000. A dozen counties had price jumps of 20% or more.

Northwest MLS brokers reported 8,017 closed sales last month, a drop of nearly 1,000 transactions from the year-ago total of 9,008. Eleven counties had double-digit declines, including King (down 16.3%) and Snohomish (down 17.6%). October was the only other month during 2021 when year-over-year sales fell.

Commenting on the slowdown in sales, Dick Beeson, managing broker at RE/MAX Northwest Realtors, said, "That's to be expected considering inventory in the fourth quarter was down sharply from last year. You can't sell what isn't there."

J. Lennox Scott, chairman and CEO of John L. Scott, described the current market as "truly historical," noting 2021 was one of the best years on record for pending sales in the Puget Sound region. "The week of snow and ice that hit Puget Sound in late December delayed the big kickoff to the 2022 housing market by about a week. This held back buyers who have been waiting patiently for each new listing to hit the market."

The year-end storms did not dampen Scott's optimism for 2022. "Fresh on the heels of the holiday season and snowy weather, the local market will see continued strong buyer demand, multiple offers, and premium pricing. This year is poised to be another great year in residential real estate," he exclaimed.

"Once again we start the real estate dance where buyers are chasing sellers. Sellers are chasing their replacement home, and brokers are chasing those elusive listings." Like many of his colleagues, Beeson expects interest rates to climb. "Prices will also rise, albeit not as quickly as during 2021."

Let us know if we can answer any of your real estate questions or if you need help taking advantage of opportunities available for you in this current housing market.