NWMLS Market Update March 2022

Dated: April 9 2022

Views: 103

✨The latest market update from NWMLS is out and has discussed that "Rising mortgage rates are not yet slowing home sales in most areas across Washington state. The report showed a 7.4% year-over-year drop in pending sales, but brokers suggested the decline is likely a reflection of limited supply."

✅ For last month's 7,989 completed transactions, the area-wide median price was $638,000, up about 16.4% from a year ago and up 9% from February. Northwest MLS figures show prices in the four-county region (King, Kitsap, Pierce, and Snohomish) have surged nearly $200,000 (38.5%) since March 2020, jumping from a median price of nearly $520,000 to nearly $720,000. 

✅ "Since January, prices in King County are up 16.5% and up 10.5% in Snohomish County. No other counties in the central Puget Sound region break double digits in house price growth for this period."

✅ The MLS report shows only 0.58 months of supply, with King, Pierce, Snohomish, and Thurston counties all having less than two weeks of supply. 

✨Takeaways :

The supply squeeze is contributing to competition among hopeful homeowners and rising prices.

"When you consider at one time a normal market inventory was 4-to-6 months, we now consider that measure a relic of times gone by," commented Dick Beeson, managing broker at RE/MAX Northwest Brokers, adding, "We will not see such numbers of homes for sale for possibly a generation or more."

Median prices continue to escalate.

Beeson described rising prices as being at "shock and awe levels," noting it is the third consecutive year for such escalations.

"With rising interest rates and fuel prices, it will be an interesting time for the markets along the I-5 corridor," remarked Young. "Increased costs make purchasing a home outside of the urbanized areas a less viable option for first-time buyers and others seeking value to move up the housing ladder."

Young believes the return to the city has begun in earnest. He also commented on steadily rising prices in King and Snohomish counties. "Since January, prices in King County are up 16.5% and up 10.5% in Snohomish County. No other counties in the central Puget Sound region break double digits in house price growth for this period."

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

Blog author image

Carmen Johnson

Co Owner of the Red Door Team Carmen has been born and raised in Snohomish. Is married, owns a home in downtown, has a Goldendoodle and is expecting her first child in April! Loves spending time with....

Latest Blog Posts

NWMLS July 2022 Market Update

✨The latest market update from NWMLS is out and has confirmed reports of a shifting housing market, prompting one industry leader to suggest that "all parties involved in a transaction today have

Read More

NWMLS June 2022 Market Update

✨The latest market update from NWMLS is out and has discussed that "the Housing statistics for June show signs of a shifting market, creating opportunities for some buyers. Compared to a year ago,

Read More

Experts Weigh in: What Does the Rest of the Year Hold for the Housing Market?

If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always

Read More

NWMLS Market Update May 2022

✨The latest market update from NWMLS is out and has discussed that the Western Washington housing market is now "more balanced and not so crazy, and that's a good thing. Buyers are getting a

Read More