NWMLS June 2022 Market Update

Dated: July 11 2022

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✨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, Northwest MLS (NWMLS) brokers reported a healthy jump in inventory, double-digit drops in both pending and closed sales, and the smallest year-over-year (YOY) increase in prices since June 2020."

Closed sales also fell from a year earlier (down about 17.2%), but last month's total of 9,047 completed transactions nearly matched May's volume of 9,096.

✅ Prices of single-family homes (excluding condos) system-wide rose about 10.4% from a year ago. Condo prices increased by a similar amount (10.2%).

✅ "The pandemic heavily influenced the housing market with inventory levels essentially drying up in 2020/2021," Gardner stated. In analyzing June's data, he noted that single-family home listings in the tri-county area of King, Pierce, and Snohomish counties rose more than 144% compared to a year ago. "This still represents the fourth-lowest number of listings in any June for this region since 1999."

Frank Wilson, Kitsap regional manager at John L. Scott Real Estate c

✨Takeaways :

Compared to a year ago, Northwest MLS (NWMLS) brokers reported a healthy jump in inventory, double-digit drops in both pending and closed sales, and the smallest year-over-year (YOY) increase in prices since June 2020. "What the changes mean in general terms, are more houses on the market, longer market times, stabilizing home prices, fewer showings and open house visitors, fewer offers at one time, and more price adjustments," said Frank Wilson, Kitsap regional manager at John L. Scott Real Estate.

Wilson also commented on the changing market, noting the uptick in months of supply. It reached nearly six weeks (1.48 months) by the end of June. "While we have seen an increase in market time to almost a month and a half, there is a long way to go for the market to reach a neutral level which is typically found between four and six months of inventory," he stated.

"Often change is good for one group but bad for another. In this case, the change is good for buyers but does not really hurt sellers. Sellers who correctly price their homes in today's market are still able to get top-of-market prices. Buyers have more choices and may see a little bit of flexibility on price and terms from the seller."

Northwest MLS director Meredith Hansen echoed those remarks. "With higher interest rates and more inventory, we are seeing sellers becoming more flexible in what terms they will accept," reported Hansen, the founder/operating principal at Keller Williams Greater Seattle. "It is an excellent time for buyers who were discouraged in the past frenzied market to step back in and find a home," she suggested, adding, "Buyers are not waiving financing and inspections like they were prior to this market shift."

Lennox Scott, chairman, and CEO of John L. Scott Real Estate, also commented on the "intensity adjustment" in the Puget Sound market, while noting sales activity remains strong. "Everything is coming together for buyers in the market, with an increased selection of available listings and fewer multiple-offer situations to navigate. A strong contingent of buyers is taking note of new listings and poised to put an offer on the right home, in the right condition, at the right price."

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.

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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....

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