In this Seattle’s Eastside Real Estate Update, we’re going to share with you all the latest news and happenings on the Eastside real estate market.

Since our last update, the market has continued to improve, with more and more Buyers choosing to buy a home today. We’ve got all the latest updates on the market, so be sure to check out our videos today!

Whether you’re looking to buy or sell a home in Eastside Seattle, be sure to check out this video for the latest information on the market conditions and how to best navigate them! We’ll cover everything from the current market trends and the main statistic you need to know to understand the direction of prices in our area. So be sure to subscribe to our channel to stay up-to-date on the latest Eastside Real Estate news!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

In this weeks update for Seattle’s Eastside Real Estate Market, we’ll discuss the current market conditions and how they’re affecting home prices in the Eastside of Seattle.

Has the market turned the corner? Are we back in a sellers market? Where are prices headed? We will address these questions this week.

Whether you’re looking to buy or sell a home in Eastside Seattle, be sure to check out this video for the latest information on the market conditions and how to best navigate them! We’ll cover everything from the current market trends and the main statistic you need to know to understand the direction of prices in our area. So be sure to subscribe to our channel to stay up-to-date on the latest Eastside Real Estate news!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

In this weeks update for Seattle’s Eastside Real Estate Market, we’ll discuss the current market conditions and how they’re affecting home prices in the Eastside of Seattle.

Has the market turned the corner? Are we back in a sellers market? Where are prices headed? We will address these questions this week.

Whether you’re looking to buy or sell a home in Eastside Seattle, be sure to check out this video for the latest information on the market conditions and how to best navigate them! We’ll cover everything from the current market trends and the main statistic you need to know to understand the direction of prices in our area. So be sure to subscribe to our channel to stay up-to-date on the latest Eastside Real Estate news!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

Finally, good news for Seattle’s Eastside real estate market this week! As you know, the market has been feeling a bit sluggish recently, but the market is shifting back towards a seller. Watch our video for all the details.

Get in touch with our team today to find out more about the current market conditions in Seattle’s Eastside! We’ll be happy to help you out!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

In this video, I’m ranking the Top 5 Housing Numbers on Seattle’s Eastside. These numbers are updated as of January 11, 2023 and will be a valuable resource for anyone looking to buy or sell property on the Eastside.

Whether you’re looking for a new home or you’re selling your current property, these numbers will help you make an informed decision about where to buy or sell. Watch this video to get the latest update on Seattle’s Eastside real estate market!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

In this video, we’ll share our latest market update for the Redmond & Woodinville Washington real estate market. We’ll give you an overview of the current market conditions, and provide you with some tips on what to expect going forward.

Whether you’re looking to buy or sell a home in Redmond & Woodinville, be sure to check out our latest market update! We’ll provide you with all the information you need to make the best decision for your situation, and we hope you enjoy the video!

This update incudes popular neighborhoods such as Education Hill, English Hill, Hollywood Hill, Bear Creek, Tuscany, Union Hill, Novelty Hill, Trilogy, Redmond Ridge, Rose Hill and the Microsoft Area.

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #redmond #redmondwashington #redmondhousing #woodinvillerealestate #woodinville #woodinvillehousing #microsoft #facebook #google #amazon

Are you looking for a new place to live? Or maybe you’re just curious about the current housing market in your area? In this video, we’ll share the top 3 housing numbers in Eastside, Seattle and Snohomish County – as of January 2023.

Check out this video to see how the housing market is changing in your area – and find out what the current top three housing numbers are! This information is helpful if you’re thinking about buying or selling a home, or if you’re just curious about the current market conditions.

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

January 6, 2023

Last year was a tale of two housing markets, suggested broker Dean Rebhuhn in commenting on the latest statistics from Northwest Multiple Listing Service.

The MLS report for December shows continued growth in the number of active listings compared to the same month a year ago, but sharp drops in the number of pending and closed sales. Last month’s prices for single family homes and condominiums that sold across the 26 counties in the report dropped 0.51% from twelve months ago, marking the first year-over-year price decline since March 2012.

Year-over-year prices for last month’s sales of single family homes and condos (combined) declined in 17 counties and rose in nine counties. The median sales price was $570,000, down $2,900 (-0.51%) from the year-ago figure of $572,900. Last year’s median price overall peaked in May 2022, at $660,000.

The median price for single family homes (excluding condos) that sold last month was $587,500, down 0.42% from a year ago when it was $590,000. Condo prices edged up last month compared to the same month a year ago, increasing from $435,000 to $440,000 for a gain of 1.15%.

“In the first half of the year, we had low interest rates, rising prices, and little inventory,” commented Rebhuhn, who owns Village Homes and Properties in Woodinville. “The second half of the year brought increasing interest rates, some lowering of prices, and increasing inventory.”

Rebhuhn characterized last month’s activity as “good,” considering the holidays, snow and a rare Pacific Northwest ice storm. He noted there were about twice as many pending sales as new listings on average every day. “We still have pent up buyer demand and low inventory in the major markets.”

Brokers added 2,980 new listings to inventory last month. That total was 1,637 fewer than the number added during December 2021 (4,617).

Sellers accepted 4,017 offers from buyers, down about 31% from the year-ago volume of pending sales (5,850).

At month-end, buyers could choose from 9,475 active listings, nearly three times as many as a year ago when 3,240 homes and condos were offered for sale area-wide.

“The local housing market in 2022 ended with a whimper rather than a bang,” stated Matthew Gardner, chief economist at Windermere Real Estate. “Overall, the housing market is going to continue falling off the artificial ‘sugar high’ that was a function of the artificially low mortgage rates during the pandemic,” he added.

Dick Beeson, managing broker at RE/MAX Northwest, Tacoma/Gig Harbor, also commented on last year’s market shifts.

“The market in the second half of 2022 was snakebit by high interest rates and lots more people becoming sellers who wanted to either pocket their large equities or arbitrage their gains into less expensive markets,” he remarked, adding, “In a span of six months, we went from 3% interest rates to 7%, and from two weeks of inventory to two months of inventory.”

The Northwest MLS report shows about 2.1 months of inventory at the end of December, marking the fourth consecutive month with at least eight weeks of supply. Six counties, including King, Kitsap, and Snohomish, still have less than two months of supply.

Only four of the 26 counties in the NWMLS service area have five months or more inventory, noted John Deely, who added, “The market has slowed due to rising interest rates and economic news, yet we haven’t tipped to a buyers’ market quite yet, which is reflected by 4-to-6 months of inventory.”

In Kitsap County, where there is 1.78 months of supply, brokers added 172 new listings to inventory during December, 70 fewer than the same month a year ago. Pending sales (241 total) outgained new listings by 69 transactions. “Kitsap County sales continues to outstrip new inventory despite the concern for interest rates,” noted NWMLS director Frank Leach, broker owner of RE/MAX Platinum Services in Silverdale.

Leach described sales as being “off slightly” but said there is a lot of movement. “We are seeing a lot of activity as folks reposition themselves to find a home and potentially refinance sometime in the future.”

“Open houses were relatively quiet during the holidays,” Leach reported, attributing some of the falloff to weather and seasonal schedules. “Agents are continuing to see multiple offers and some sellers are making concessions to bring their homes to a close so they can move on.”

“Kitsap County continues to have a robust building market in both the residential and rental markets,” according to Leach, who added “As rents go up so do the number of folks who want to buy.” Also fueling activity is unimproved land, which Leach said is “getting a shot in the arm, with builders, investors, and folks wanting to build their dream home” being factors.

J. Lennox Scott, chairman and CEO at John L. Scott Real Estate, expects depleted inventory will persist in the near term.

“As we enter the first of the year, the market is experiencing a shortage of homes for sale in the more affordable and mid-price ranges,” Scott reported. “With the winter cleanup of unsold inventory complete, and with a low level of new listings coming on the market in January and February, the availability of homes for sale will be at a low point.”

Heading into spring, Scott expects an uptick. “We anticipate a strong/very strong intensity of new listings going under contract within the first 30 days.” He believes the intensity will settle down pre-summer “when we can expect to see a higher number of new listings coming onto the market.”

Several Northwest MLS representatives who commented on December activity expect prices to soften this year.

“It seems those pesky home price increases have apexed in most markets. Most areas will retreat slightly this year – maybe 2% to 4% and maybe more in some markets,” stated Beeson.

Deely noted “quite a few buyers dropped out of the market as rates went up,” but said many of those people are still in the market but are “reassessing their price ranges and search areas based on interest rate hikes and reduced buying power. With the median sold price flat in most counties and on decline in others, sellers are becoming more competitive.”

Gardner, the Windermere economist, acknowledged December 2022 prices were modestly lower than December 2021, but emphasized “This does not tell the whole story as the median home sale price for all of 2022 was significantly higher than in 2021.” (Northwest MLS figures show the median price overall increased by $50,000, or nearly 8.9%.)

Gardner expects prices will continue to decline through the first half of 2023 but said “with mortgage rates expected to slowly fall from current levels, sale prices should start increasing again in the second half of the year. Ultimately, once prices pull back to where they would have been if the pandemic had never occurred, they will start to stabilize and then return to a more normalized pace of appreciation.”

Looking ahead, Deely remarked, “As we enter 2023, we are leaving behind the 2022 transitional market and a bridge from the once-in-a-generation 2021 housing market where we experienced record low inventory and peak sales.”

Rebhuhn suggests finding the proper price will be important for sellers in 2023, while buyers can look forward to increasing inventory. “The 2023 market will be better than most believe,” he stated.

Beeson anticipates an “exciting year” for real estate in 2023. “Thankfully, rates are trending down and should trickle down even more this year, giving buyers more purchasing power.” He also believes increased competition among sellers has been good for buyers, contributing to a more balanced market.

Freddie Mac reported mortgage market activity “significantly shrunk over the last year” as high rates continued to weaken the housing market. The government sponsored enterprise (officially named the Federal Home Loan Mortgage Corp.) believes homebuyers are waiting for rates to decrease more significantly. With lower rates expected and inflationary pressures easing, Freddie Mac said “a strong job market and large demographic tailwind of Millennial renters will provide support to the purchase market. Moreover, if rates continue to decline, borrowers who purchased in the last year will have opportunities to refinance into lower rates.”

About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.

Single Fam. Homes + Condos	New Listings	Total Active Listings	# Pending Sales	# Closed Sales	Avg. Closed Price	Median Closed Price	This mo. Inventory	Same mo., yr ago
King	887	2,529	1,206	1,470	$913,381	$735,000	1.72	0.27
Snohomish	408	1,068	615	703	$759,261	$679,000	1.52	0.20
Pierce	505	1,525	716	717	$546,087	$500,000	2.13	0.32
Kitsap	172	487	241	273	$546,769	$495,000	1.78	0.38
Mason	46	178	63	69	$439,942	$365,000	2.58	0.73
Skagit	85	230	98	97	$622,824	$515,000	2.37	0.59
Grays Harbor	77	303	84	83	$347,598	$323,000	3.65	1.21
Lewis	60	227	71	81	$417,781	$375,000	2.80	0.72
Cowlitz	60	205	72	60	$410,031	$380,000	3.42	0.58
Grant	48	174	58	51	$368,722	$326,700	3.41	1.45
Thurston	160	472	214	245	$525,263	$494,500	1.93	0.31
San Juan	12	77	14	14	$634,679	$517,000	5.50	2.23
Island	47	203	74	66	$589,949	$552,500	3.08	0.29
Kittitas	33	165	27	41	$844,834	$602,000	4.02	0.64
Jefferson	18	73	21	38	$632,297	$571,750	1.92	0.77
Okanogan	21	117	14	27	$421,889	$325,000	4.33	2.34
Whatcom	127	475	152	174	$595,494	$567,500	2.73	0.58
Clark	33	108	48	69	$558,880	$450,000	1.57	0.26
Pacific	23	119	38	27	$390,455	$302,500	4.41	1.13
Ferry	1	19	2	1	$220,000	$220,000	19.00	1.58
Clallam	32	140	46	61	$442,794	$430,000	2.30	0.78
Chelan	30	169	30	60	$561,173	$565,000	2.82	1.01
Douglas	13	73	25	24	$458,795	$399,500	3.04	0.64
Adams	3	49	7	9	$235,791	$224,000	5.44	1.92
Walla Walla	33	107	34	24	$406,731	$334,500	4.46	0.96
Columbia	2	26	3	4	$279,500	$279,500	6.50	1.43
Others	44	157	44	36	$393,242	$372,375	4.36	1.70
Total	2,980	9,475	4,017	4,524	$687,991	$570,000	2.09	0.40

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2003	4746	5290	6889	6837	7148	7202	7673	7135	6698	6552	4904	4454
2004	4521	6284	8073	7910	7888	8186	7583	7464	6984	6761	6228	5195
2005	5426	6833	8801	8420	8610	8896	8207	8784	7561	7157	6188	4837
2006	5275	6032	8174	7651	8411	8094	7121	7692	6216	6403	5292	4346
2007	4869	6239	7192	6974	7311	6876	6371	5580	4153	4447	3896	2975
2008	3291	4167	4520	4624	4526	4765	4580	4584	4445	3346	2841	2432
2009	3250	3407	4262	5372	5498	5963	5551	5764	5825	5702	3829	3440
2010	4381	5211	6821	7368	4058	4239	4306	4520	4350	4376	3938	3474
2011	4272	4767	6049	5732	5963	5868	5657	5944	5299	5384	4814	4197
2012	4921	6069	7386	7015	7295	6733	6489	6341	5871	6453	5188	4181
2013	5548	6095	7400	7462	7743	7374	7264	6916	5951	6222	5083	3957
2014	5406	5587	7099	7325	8055	7546	7169	6959	6661	6469	5220	4410
2015	5791	6541	8648	8671	8620	8608	8248	7792	7179	6977	5703	4475
2016	5420	6703	8130	8332	9153	8869	8545	8628	7729	7487	6115	4727
2017	5710	6024	7592	7621	9188	9042	8514	8637	7441	7740	6094	4460
2018	5484	5725	7373	7565	8742	8052	7612	6893	6235	6367	5328	4037
2019	5472	4910	7588	8090	8597	8231	7773	7345	6896	6797	5788	4183
2020	5352	6078	6477	5066	7297	8335	8817	9179	8606	7934	6122	4851
2021	5216	5600	8002	7716	8674	8824	8049	8586	7880	7405	6022	3943
2022	4405	5560	7312	6908	7482	6031	5934	6581	5208	4410	3521	2778

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 12/14/22.

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings continue to drop from last week. 664 vs 726 a 9% decrease. Compared to a year ago this week, listings are up 655%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,750,000.

Pending Sales have dropped from last week. 51 vs 53 a 4% decrease. Compared to a year ago this week, pending sales are down 41%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,298,000 which is up from last week where they were at $1,225,000.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 3.16 months of inventory last week and is now 3.0 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call!

#redmond #redmondrealestate #bellevue #bellevuerealestate #woodinville #woodinvillerealestate #issaquah #issaquahrealestate #sammamish #sammamishrealestate #bothell #bothellrealestate #kirkland #kirklandrealestate #medina #kenmore #duvall #clydehill #fallcity #carnation

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 12/14/22.

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings continue to drop from last week. 664 vs 726 a 9% decrease. Compared to a year ago this week, listings are up 655%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,750,000.

Pending Sales have dropped from last week. 51 vs 53 a 4% decrease. Compared to a year ago this week, pending sales are down 41%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,298,000 which is up from last week where they were at $1,225,000.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 3.16 months of inventory last week and is now 3.0 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call!

#redmond #redmondrealestate #bellevue #bellevuerealestate #woodinville #woodinvillerealestate #issaquah #issaquahrealestate #sammamish #sammamishrealestate #bothell #bothellrealestate #kirkland #kirklandrealestate #medina #kenmore #duvall #clydehill #fallcity #carnation

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 12/14/22.

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings continue to drop from last week. 664 vs 726 a 9% decrease. Compared to a year ago this week, listings are up 655%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,750,000.

Pending Sales have dropped from last week. 51 vs 53 a 4% decrease. Compared to a year ago this week, pending sales are down 41%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,298,000 which is up from last week where they were at $1,225,000.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 3.16 months of inventory last week and is now 3.0 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call!

#redmond #redmondrealestate #bellevue #bellevuerealestate #woodinville #woodinvillerealestate #issaquah #issaquahrealestate #sammamish #sammamishrealestate #bothell #bothellrealestate #kirkland #kirklandrealestate #medina #kenmore #duvall #clydehill #fallcity #carnation

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 12/7/22.

This Eastside Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

Holiday Cheers returns to the Real Estate Market this week. Watch our video for all the details.

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings continue to drop from last week. 726 vs 791 a 8% decrease. Compared to a year ago this week, listings are up 548%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,741,625.

Pending Sales have rose from last week. 53 vs 40 a 33% increase. Compared to a year ago this week, pending sales are down 37%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,225,000 which is up from last week where they were at $1,187,500.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 4.56 months of inventory last week and is now 3.16 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #issaquahrealestate #bothellrealestate #medina #kenmore

In this video, we’re going to share with you the top three numbers you need to know when it comes to understanding the Seattle area’s real estate market and home prices.

If you’re looking to buy or sell a property in the Seattle area, then you need to have a good understanding of the market condition and their effect on home prices. In this video, we’re going to share with you the top three numbers you need to know in order to understand the market and understand how prices have fluctuated over time. So be sure to watch this video to learn more about the Seattle area’s real estate market!

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

November statistics from Northwest Multiple Listing Service surprised few brokers. They point to holidays, inclement weather, and various economic factors for prompting pauses in listing and sales activity. Nonetheless, several industry leaders commented on positive signs, fueled in part by pent-up demand and evidence of easing inflation pressures.

“Determined buyers are purchasing homes, with pent-up demand driving the market,” reported Dean Rebhuhn, owner of Village Homes and Properties in Woodinville. “Sellers who price to the market are attracting showings and receiving good offers,” he added, noting King County experienced an average of 55 sales per day last month, with year-over-year (YOY) median prices in King County up $10,000, rising from $740,000 to $750,000.

Northwest MLS figures show both pending and closed sales fell sharply from a year ago, but median prices system-wide edged up slightly (0.88%), from $570,000 to $575,000. Pending sales (mutually accepted offers) across the 26 counties in the report were down 40% (dropping from 8,571 a year ago to 5,106) while closed sales fell 42% (declining from 8,976 to 5,194). NWMLS figures show brokers closed an average of 173 sales per day across all counties.

The volume of closed sales, at 5,194, was the lowest level since February (5,147) and January (5,085). Compared to January’s median price of $555,000, last month’s buyers paid 3.6% more ($575,000).

“Our traditional seasonal slowdown around the holidays is happening earlier this year, with the alignment of climbing interest rates, economic news, local weather, and a volatile stock market,” stated John Deely, executive vice president of operations at Coldwell Banker Bain. “These conditions make it easier for consumers to place large purchases on hold, though we saw several notable sales in the luxury market over the last month, as real estate is still one of the best investments one can make,” he remarked.

Data from the multiple listing service shows 15.84% of November’s sales topped $1 million, while a year ago 13.96% of sales were at that level.

While some buyers are taking advantage of the expanding inventory as the market swings to their advantage, Deely said others are hesitant. “Some buyers are sitting on the sidelines waiting for interest rates to come down or thinking prices will come down even further.”

Inventory statistics were mixed. Brokers added 4,890 new listings during November, a decline of 24.2% compared to the same month a year ago when they added 6,455 new listings.

At month end, there were 12,245 total active listings, a whopping increase (about 165%) from the selection of a year ago when there were only 4,621 active listings.

Measured by months of inventory, November’s supply, at 2.36 months, was best since January 2019 when the overall selection reached 2.4 months of inventory.

Frank Leach, broker/owner at RE/MAX Platinum Services in Silverdale, commented on Kitsap County’s improving inventory. Northwest MLS figures show there was just under two months of supply (1.95 months), last month whereas a year ago there was only about two weeks of supply (0.57 months).

Leach described the market as “normalizing,” adding, “We have seen an uptick in open houses, with healthy traffic during October and November. We anticipate brisk sales across the holidays and into the new year with inventory building toward the end of December and into January. We’re telling folks to get pre-approved and have all their documents in so if the market does take a swing, they will be ready to seize the opportunity.”

The latest statistics from Northwest MLS show both pending sales and closed sales in Kitsap County fell about 33% year-over-year. Median prices edged up slightly more than 1%, from $500,000 to $505,471.

Northwest MLS director Mike Larson, managing broker at Compass in Tacoma, also commented on the normalizing market, echoing comments about rates “leveling off a bit, there’s not nearly as much competition, and peak inflation appears to be behind us.” Citing observations in a company newsletter, he agreed it’s good news for buyers “and a hopeful sign that after the holidays and the new year will come a more normal market.”

Fifteen of the 26 counties reported price increases from a year ago, with 11 counties having declines. All four counties in the Puget Sound region experienced modest price gains, ranging from about 1.1% in Kitsap County to 2.9% in Snohomish County.

“The data show we’re in a changed market,” observed Dick Beeson, managing broker at RE/MAX Northwest in Tacoma/Gig Harbor. “High interest rates, doubled inventory levels, anxious lenders, contracts written with negotiations for repairs, closing costs, and other sundry things – all of these have returned to the market,” he said, adding, “Sellers realize they must actually compete with other sellers to gain a buyer’s attention and an offer.”

Beeson reported some buyers “are having trouble pulling the trigger because their heads are spinning around” in part because there’s twice the inventory to choose from and the ever-changing market. In anticipation of further growth in inventory and rates edging down, he said brokers need to be ready to help buyers make informed decisions.

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, noted both the number of home buyers and the number of new listings are running below pre-pandemic seasonal levels. “There is a shortage of unsold inventory, especially in the more affordable and mid-price ranges where approximately 80% of transactions take place within each market.” He reported a strong level of activity intensity for new listings going under contract within the first 30 days.

“December is traditionally the low point of new listings coming onto the market because of the holiday season,” Scott noted, while pointing to good news for buyers. “Home mortgage interest rates are lower than a month ago!” Noting economists forecast lower interest rates on the horizon as the economy works through lowering inflation, Scott reported, “Homebuyers are currently purchasing at market price with the possibility to refinance when rates decrease. In the meantime, some buyers are purchasing with a five-year or seven-year adjustable-rate mortgage which lowers the interest rate and monthly payment.”

Matthew Gardner, chief economist at Windermere Real Estate, is among those expecting mortgage rates to drop. “Early in the new year, I expect the Fed to start pulling back from their aggressive policy stance, and this will allow rates to begin slowly stabilizing.” He believes rates will remain above 6% until fall 2023 “when they should dip into the high 5% range. While this is higher than we have become used to, it’s still more than 2% lower than the historic average.”

Meredith Hansen, founder/operating principal at Keller Williams Greater Seattle and a NWMLS director, encouraged hopeful owners to consider purchasing options. “With rents expected to outpace home prices, it may be a good time to take the plunge into home ownership, especially for first-time buyers,” she suggested. “These first-timer buyers should look at different opportunities to get their foot in the home ownership door.” Among options she mentioned are possible rent to own opportunities or buying a home that needs work and building equity by “using elbow grease.”

Hansen also recommended would-be buyers tap into resources for prospective homeowners at the Washington State Housing Finance Commission, including its free homebuyer education seminars and down payment and closing costs assistance programs.

Looking ahead, Gardner said he does not expect supply to grow significantly with inventory levels remaining well below their long-term average. “It’s unlikely we’ll see a buyer’s market in 2023, but I do expect a return to a far more balanced one.” He believes the days of sellers “having the upper hand are behind us,” adding they will have to become more realistic “with accurate pricing becoming more important than ever.”

Deely believes the 2023 market “is shaping up to be quite competitive with building inventory and pent-up buyer demand.”

About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.

Single Fam. Homes + Condos	New Listings	Total Active Listings	# Pending Sales	# Closing Sales	Avg. Closed Price	Median Closed Price	This mo. Inventory	Same mo., year ago
King	1,664	3,599	1,615	1,657	$950,931	$750,000	2.17	0.38
Snohomish	698	1,452	773	768	$744,850	$677,475	1.89	0.24
Pierce	766	1,903	830	877	$595,369	$517,500	2.17	0.44
Kitsap	268	577	303	296	$603,178	$505,471	1.95	0.57
Mason	73	221	83	93	$458,399	$400,000	2.38	0.79
Skagit	109	293	115	118	$527,401	$489,500	2.48	0.82
Grays Harbor	87	339	113	87	$338,936	$325,000	3.90	1.19
Lewis	64	274	96	91	$410,283	$382,000	3.01	0.98
Cowlitz	77	236	81	80	$392,725	$370,450	2.95	0.75
Grant	59	224	54	74	$337,171	$307,441	3.03	1.14
Thurston	238	568	263	261	$526,828	$465,000	2.18	0.35
San Juan	12	99	15	12	$1,286,184	$1,185,000	8.25	2.27
Island	79	259	90	83	$607,854	$525,000	3.12	0.54
Kittitas	50	202	38	45	$700,172	$510,000	4.49	1.15
Jefferson	36	85	32	46	$649,336	$560,000	1.85	0.69
Okanogan	16	150	23	28	$348,671	$315,000	5.36	1.93
Whatcom	213	577	213	208	$579,469	$535,000	2.77	0.77
Clark	69	145	71	56	$579,046	$491,500	2.59	0.39
Pacific	28	148	36	38	$356,071	$298,750	3.89	1.34
Ferry	5	22	2	3	$325,267	$300,000	7.33	13.50
Clallam	72	167	75	62	$488,640	$429,950	2.69	0.68
Chelan	53	210	63	78	$815,125	$554,200	2.69	1.72
Douglas	29	100	20	34	$542,523	$424,150	2.94	0.79
Adams	8	58	6	6	$280,166	$288,000	9.67	2.20
Walla Walla	63	126	50	39	$509,500	$420,000	3.23	0.90
Columbia	4	29	4	3	$211,833	$200,000	9.67	1.83
Others	50	182	42	51	$453,882	$405,000	3.57	2.00
Total	4,890	12,245	5,106	5,194	$707,763	$575,000	2.36	0.51

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2003	4746	5290	6889	6837	7148	7202	7673	7135	6698	6552	4904	4454
2004	4521	6284	8073	7910	7888	8186	7583	7464	6984	6761	6228	5195
2005	5426	6833	8801	8420	8610	8896	8207	8784	7561	7157	6188	4837
2006	5275	6032	8174	7651	8411	8094	7121	7692	6216	6403	5292	4346
2007	4869	6239	7192	6974	7311	6876	6371	5580	4153	4447	3896	2975
2008	3291	4167	4520	4624	4526	4765	4580	4584	4445	3346	2841	2432
2009	3250	3407	4262	5372	5498	5963	5551	5764	5825	5702	3829	3440
2010	4381	5211	6821	7368	4058	4239	4306	4520	4350	4376	3938	3474
2011	4272	4767	6049	5732	5963	5868	5657	5944	5299	5384	4814	4197
2012	4921	6069	7386	7015	7295	6733	6489	6341	5871	6453	5188	4181
2013	5548	6095	7400	7462	7743	7374	7264	6916	5951	6222	5083	3957
2014	5406	5587	7099	7325	8055	7546	7169	6959	6661	6469	5220	4410
2015	5791	6541	8648	8671	8620	8608	8248	7792	7179	6977	5703	4475
2016	5420	6703	8130	8332	9153	8869	8545	8628	7729	7487	6115	4727
2017	5710	6024	7592	7621	9188	9042	8514	8637	7441	7740	6094	4460
2018	5484	5725	7373	7565	8742	8052	7612	6893	6235	6367	5328	4037
2019	5472	4910	7588	8090	8597	8231	7773	7345	6896	6797	5788	4183
2020	5352	6078	6477	5066	7297	8335	8817	9179	8606	7934	6122	4851
2021	5216	5600	8002	7716	8674	8824	8049	8586	7880	7405	6022	3943
2022	4405	5560	7312	6908	7482	6031	5934	6581	5208	4410	3521

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/23/22. This Eastside Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

I cover some nice improvements for the Seattle’s Eastside Real Estate Market.

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 838 vs 916 a 9% decrease. Compared to a year ago this week, listings are up 593%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,699,450.

Pending Sales have rose from last week. 69 vs 63 a 10% increase. Compared to a year ago this week, pending sales are down 34%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,250,000 which is down from last week where they were at $1,348,888.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 3.36 months of inventory last week and is now 2.80 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
https://www.linkedin.com/in/tonymeier/

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate

Take a look past the headlines and see what is really going on with the Eastside Real Estate Market in our November update

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/09/22

MARKET RECAP: 

INTEREST RATES:

In spite of the Fed’s raising short term rates last week by 0.75%, the 30 year fixed rate only moved up slightly. As of today, 30 year fixed rates are at 7.21%

THE MARKET: 

The median closed sales price has held steady from August to October at $1,350,000. This is very good news, as the market seems to have reached a resistance point to going any lower. However, pending sales are still declining faster than active listings as we work through our normal 4th quarter slowdown. This has raised the Month of Inventory to highest level this year at 2.94 MOI  

 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 944 vs 968 a 2% decrease. Compared to a year ago this week, listings are up 490%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,651,380.

Pending Sales have dropped from last week. 74 vs 94 a 21% decrease. Compared to a year ago this week, pending sales are down 44%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,350,000, which is up from last week where they were at $1,400,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory increased this week. It was 2.38 months of inventory last week and is now 2.94 months of inventory, the highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere  

Brokers with Northwest Multiple Listing Service (NWMLS) are reporting a return to some creative financing methods as motivated home buyers and sellers grapple with higher mortgage rates. Despite that, and the seasonal slowdown in activity, 6,435 hopeful homebuyers succeeded in having sellers accept their offers to purchase during October.  

“Buyers are benefiting from more choices in inventory and less competition, while sellers are more negotiable when it comes to contingencies,” reported NWMLS director Meredith Hansen. “We are seeing more 2/1 buydowns and adjustable-rate mortgages with buyers planning to refi when the rates come back down,” added Hansen, the founder and operating principal at Keller Williams Greater Seattle.

The latest Northwest MLS shows 6,435 pending sales last month, and about the same volume (6,464) of closed sales. Both figures were down from the year-ago totals, with pending sales dropping about 39% and closings declining around 35%.

Median sales prices still rose year-over-year in most of the 26 counties on the report. Area-wide, the median price on last month’s completed sales of single family homes and condominiums was $595,000. That was an increase of about 3.5% from twelve months ago, but a decline of approximately 9% from May when prices peaked at $660,000.

Homes and condos in San Juan County commanded the highest prices, with a median sales price of $911,000 – and that was a 7.5% decline from a year ago. Last month’s closings in King County had a median price of $811,000, up more than 8% from the year-ago figure of $750,000.

A comparison of counties shows price drops in nine of them. Seven counties had double-digit gains, but improved inventory and interest rates were the storyline for many of the brokers who commented on the NWMLS statistics.

NWMLS director Jeff Pust said, “There is no doubt the market has changed with higher interest rates being the main culprit.” He acknowledged some buyers are waiting to see if rates and home prices drop. “My fear is that buyers who take this approach may miss out on the perfect home as some fantastic properties have come on the market that have sellers who are determined to sell and move on,” added Pust, the owner/designated broker at Van Dorm Realty, Inc., in Olympia.

Brokers added 7,260 new listings during October, down about 21% from the same month a year ago. At month end, the selection included 14,214 active listings of single family homes and condos system-wide. That was more than double the year-ago inventory of 6,588.

The uptick in supply boosted the months of inventory figure to 2.2. That is the highest level, based on this metric, since January 2019.

“Buyers’ opportunities abound,” proclaimed Gary O’Leyar, owner/CFO at Berkshire Hathaway HomeServices Signature Properties in Seattle, noting inventory in several counties is two-to-three times larger than a year ago.

“As for the interest rate ‘elephant in the room,’ the time has come for buyers and sellers to revisit financing methods from previous markets,” O’Leyar said, mentioning the use of buydowns, adjustable-rate loans, carrying back second deeds of trust, and closing cost allowances as possible options.

“Interest rates can and will change. When they drop, refinancing is an option or taking out a shorter term 5/1 ARM. For buyers with foresight and market savvy, here is their opportunity.”

“Inventory continues to grow,” said Frank Leach, broker owner at RE/MAX Platinum Services in Silverdale and a member of the NWMLS board of directors. He described the market in Kitsap County as “strong and competitive. Open house traffic continues to be very active and buyers are being offered a number of seller concessions to soften the blow of increasing interest rates, especially on new construction,” he reported. “Mortgage programs are offering below-market rates with various buydown options – something we have not seen for years!”

John Deely, executive vice president of operations at Coldwell Banker Bain, also commented on building inventory and strong open house traffic. “We are continuing to move into a more traditional market. Buyers are out looking and watching the market, and they have more time to make informed choices with the help of seasoned brokers.”

Unlike the recent past, when buyers encountered multiple offer situations and not being able to get into a property because they were outbid, Deely said the question for them now is affordability in the neighborhoods where they want to live. “We are seeing sellers who are concerned about further rate increases come to the market now to beat the traditional build-up during the first of the year and in the spring. With less competition, now is the time to get into the market.”

Dean Rebhuhn, owner of Village Homes and Properties in Woodinville, echoed those comments. “We’re seeing buyers find opportunities, with sellers offering good pricing,” he stated. “Lifestyle decisions continue to drive sales. Even though rising interest rates make it more difficult for some buyers, pent up demand continues.”

Describing the market as bifurcated, with some listings coming on the market and sitting for several weeks and others that come on and immediately get multiple offers or above asking price offers, broker Frank Wilson said both buyers and sellers need to be prepared.

“Buyers still have to act quickly and put their best foot forward when making an offer,” stated Wilson, branch managing broker at John L. Scott, Inc. in Poulsbo. He also recommended relying on their real estate broker’s expertise in determining the value of the home that interests them in today’s market.

Sellers need to be “laser focused on price and condition,” advised Wilson, adding, “What your neighbor’s house sold for six months ago has very little bearing on your home’s value today.”

Wilson also noted buyers tend to focus more on their monthly payment instead of the price of the home. “If they need a home today, they may need to budget for higher monthly payments until they can refinance to a lower rate a year or two from now, when hopefully rates will begin to go down again.”

“Even with more choice on the market than we’ve seen in several years, pending sales fell last month,” remarked Matthew Gardner, chief economist at Windermere Real Estate. “The cause is almost certainly rising mortgage rates, which rose from 6.65% early in the month and ended above 7.1%; this is clearly having an impact on buyers,” he added.

Gardner believes many buyers may remain sidelined until mortgage rates stabilize, but added he had “bad news for those buyers who are sitting on the fence waiting for home prices to implode.” He expects regional home values will turn modestly negative in 2023, but said, “those who hope to pick up a home ‘on the cheap’ are likely in for a long wait.”

“Real estate pros like this kind of market,” proclaimed Dick Beeson, managing broker at RE/MAX Northwest in Tacoma/Gig Harbor, explaining “They get to display their negotiation and marketing skills,” he explained. 

Beeson believes “We are now experiencing a balanced market. I said the new normal was 2-to-4 months of supply back two or three years ago. We’ve finally reached that point. This is the new normal until interest rates go down.”

A few of the Northwest MLS spokespersons commented on new construction.

“Homebuilders are lowering prices and some are offering incentives such as interest rate buydowns to attract sales,” reported Rebhuhn.

“While we don’t track land on these MLS reports, we are seeing a definite uptick in activity with undeveloped land,” stated Leach. “Rentals now under construction and being completed are at the highest numbers in Kitsap County’s history.” While rental prices should be more competitive with expanding choices, he said landlords may offer concessions, but he doesn’t expect rents to be reduced. Nevertheless, he remarked, “There should be ample housing for every budget and lifestyle in the coming year.”

Also commenting on interest rates was the National Association of REALTORS®, which noted the slight dip in mortgage rates this week despite the Federal Reserve approving another 0.75% rate hike for the fourth time this year.

NAR cited Freddie Mac’s 30-year fixed mortgage rate that fell to 6.95%, down from 7.08% the previous week. “It seems that rates have already priced in some of the effect of the Fed’s higher interest rates. It is also promising that this was likely the last rate hike of this magnitude, as indicated by the Fed,” wrote Nadia Evangelou, NAR’s senior economist and director of forecasting.

Evangelou also speculated “a return to the sky-high interest rates of the 1980s isn’t likely in today’s economy” and drew comparisons to payments now with those of 40 years ago in today’s money. “In real terms, after adjusting the median home price for inflation, the monthly mortgage payment was about $450 higher in 1982 than it is now,” she wrote in a blog, adding, “If mortgage rates were currently 9% the monthly mortgage payment would be comparable to 1982 rates. Thus, in real values, current buyers pay less for their home purchase than buyers who purchased their home 40 years ago, although home prices are significantly higher now.”

About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.

Single Fam. Homes + Condos	New Listings	Total Active Listings	# Pending Sales	# Closing Sales	Avg. Closed Price	Median Closed Price	This mo. Inventory	Same mo., year ago
King	2,587	4,355	2,140	2,047	$1,004,517	$811,000	2.13	0.57
Snohomish	992	1,748	901	957	$751,909	$700,000	1.83	0.36
Pierce	1,086	2,141	1,020	1,076	$580,055	$525,000	1.99	0.64
Kitsap	337	659	349	333	$602,415	$510,000	1.98	0.72
Mason	108	255	125	109	$427,203	$370,000	2.34	0.74
Skagit	135	341	138	148	$571,559	$498,000	2.30	0.90
Grays Harbor	135	389	119	122	$335,485	$319,250	3.19	1.09
Lewis	121	332	118	102	$434,331	$427,000	3.25	1.28
Cowlitz	116	265	118	106	$427,484	$392,500	2.50	0.87
Grant	116	232	89	86	$368,656	$370,000	2.70	1.24
Thurston	364	628	341	383	$532,658	$499,950	1.64	0.48
San Juan	23	117	18	24	$1,575,694	$911,000	4.88	2.14
Island	135	306	105	140	$650,426	$560,000	2.19	0.56
Kittitas	77	219	48	57	$695,458	$510,000	3.84	1.07
Jefferson	50	97	59	49	$658,672	$600,000	1.98	0.65
Okanogan	53	169	39	40	$429,436	$344,500	4.23	2.61
Whatcom	297	679	253	263	$573,989	$540,000	2.58	0.86
Clark	77	155	71	57	$526,830	$500,000	2.72	0.48
Pacific	57	163	49	41	$376,421	$310,000	3.98	1.47
Ferry	2	23	7	5	$429,480	$490,000	4.60	5.40
Clallam	86	192	74	74	$498,464	$441,000	2.59	1.00
Chelan	109	260	82	88	$662,498	$594,500	2.95	1.50
Douglas	47	98	45	32	$554,977	$495,000	3.06	1.08
Adams	15	54	15	6	$314,601	$307,500	9.00	3.11
Walla Walla	63	122	45	53	$505,772	$420,000	2.30	1.10
Columbia	15	34	4	7	$294,571	$250,000	4.86	1.58
Others	57	181	63	59	$451,455	$410,000	3.07	1.13
Total	7,260	14,214	6,435	6,464	$724,761	$595,000	2.20	0.66

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2003	4746	5290	6889	6837	7148	7202	7673	7135	6698	6552	4904	4454
2004	4521	6284	8073	7910	7888	8186	7583	7464	6984	6761	6228	5195
2005	5426	6833	8801	8420	8610	8896	8207	8784	7561	7157	6188	4837
2006	5275	6032	8174	7651	8411	8094	7121	7692	6216	6403	5292	4346
2007	4869	6239	7192	6974	7311	6876	6371	5580	4153	4447	3896	2975
2008	3291	4167	4520	4624	4526	4765	4580	4584	4445	3346	2841	2432
2009	3250	3407	4262	5372	5498	5963	5551	5764	5825	5702	3829	3440
2010	4381	5211	6821	7368	4058	4239	4306	4520	4350	4376	3938	3474
2011	4272	4767	6049	5732	5963	5868	5657	5944	5299	5384	4814	4197
2012	4921	6069	7386	7015	7295	6733	6489	6341	5871	6453	5188	4181
2013	5548	6095	7400	7462	7743	7374	7264	6916	5951	6222	5083	3957
2014	5406	5587	7099	7325	8055	7546	7169	6959	6661	6469	5220	4410
2015	5791	6541	8648	8671	8620	8608	8248	7792	7179	6977	5703	4475
2016	5420	6703	8130	8332	9153	8869	8545	8628	7729	7487	6115	4727
2017	5710	6024	7592	7621	9188	9042	8514	8637	7441	7740	6094	4460
2018	5484	5725	7373	7565	8742	8052	7612	6893	6235	6367	5328	4037
2019	5472	4910	7588	8090	8597	8231	7773	7345	6896	6797	5788	4183
2020	5352	6078	6477	5066	7297	8335	8817	9179	8606	7934	6122	4851
2021	5216	5600	8002	7716	8674	8824	8049	8586	7880	7405	6022	3943
2022	4405	5560	7312	6908	7482	6031	5934	6581	5208	4410

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/02/22

MARKET RECAP:
RATES: The Federal Reserve is set raise short term rates today. This will be the 6th time this year as they continue trying to rein in the economy through “demand destruction” making everything more expensive to finance including housing.  The 10 year treasury (what 30 year rates are based upon) is not directly tied to the Fed’s action but is certainly impacted by the broader market, so we will report back next week on the impacts of today’s move by the Fed. Thankfully, rates have remained flat since last week with the 30 year fixed rates at 7.12%. It is still 3.98% higher than it was 1 year ago. 

THE MARKET: Active listing declined a bit to 968 this week, which is still above the 7 year average for this time of year at 860 active listings. Pending sales did show some improvement over last week, which dropped the Months of Inventory (supply vs. demand) down to 2.38 MOI. Months of Inventory was 0.4 MOI last year and the 7 year average is 1.2 MOI. So, the market activity still remains well below last year and below its normal pace for the last 7 years.  

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 968 vs 997 a 3% decrease. Compared to a year ago this week, listings are up 517%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,672,500

Pending Sales have rose from last week. 94 vs 81 a 16% increase. Compared to a year ago this week, pending sales are down 16%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,350,000, which is up from last week where they were at $1,375,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory declined this week. It was 2.84 months of inventory last week and is now 2.38 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Wednesday Update : Seattle’s Eastside Residential Market Update for the week of 10/26/22

MARKET RECAP:
RATES: Thankfully, there was some relief in interests rates this week. The 30 year fixed rates declined slightly from 7.22% to 7.15%, which is still 3.88% higher than it was a year ago. 

THE MARKET: It is normal for active listings and pending sales to decline in the 4th quarter. However, active listings have hovered around 1000 homes since the beginning of September with many sellers still hanging on to the hopes of getting “their price”. With active listings remaining higher than normal and pending sales declining as seasonally expected, Months of Inventory (Supply vs. Demand) continues to rise for the 5th week in a row. It is now 2.84 Months of Inventory, which is another high mark for this year. 

 

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings decreased slightly from last week. 997 vs 999 a 0% decrease. Compared to a year ago this week, listings are up 501%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,651,481. 

Pending Sales are down from last week. 81 vs 84 a 4% decrease. Compared to a year ago this week, pending sales are down 49%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,375,000, which is up from last week where they were at $1,237,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory rose this week. It was 2.74 months of inventory last week and is now 2.84 months of inventory, the highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

RECAP:
Rates continued to climb this week! The 30 year fixed rates are now 7.22%, which is 4.03% higher than it was a year ago. This has continued to put pressure on buyer affordability and the resulting decline in Pending Sales. All of this created another 2022 Months of Inventory high this week of 2.74 MOI. 

I have been hearing from experts in the Mortgage Industry about is optimism that rates will decline in early 2023 as the upward pressure on inflation appears to be easing. If this is more than wishful thinking, we could quickly see a strong spike in Pending Sales as Buyers who have been priced out of the market quickly return to active buying. 

 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings decreasesd slightly from last week. 999 vs 1014 a 1% decrease. Compared to a year ago this week, listings are up 402%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,650,000. 

Pending Sales are down from last week. 84 vs 90 a 7% decrease. Compared to a year ago this week, pending sales are down 45%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,237,000, which is down from last week where they were at $1,299,500. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory rose this week. It was 2.60 months of inventory last week and is now 2.74 months of inventory, the highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

KIRKLAND, Washington (October 6, 2022) – “The shift in the market isn’t a surprise,” said broker Mike Larson when commenting on the latest statistics from Northwest Multiple Listing Service. The report on September activity shows active listings are nearly doubled from a year ago, pending sales declined more than 31%, but prices in most counties are still rising.

“Buyers are finally getting some relief,” said Larson, a member of the Northwest MLS board of directors and the managing broker at Compass in Tacoma. “Getting back to a balanced, more normal market is almost a welcome change,” he added, but noted “inflation and rising rates aren’t helping.”

“Though technically still a seller’s market, it is more favorable to buyers than it has been in a decade,” noted John Deely, executive vice president of operations at Coldwell Banker Bain. He cited building inventory, lengthening market time, and a slowdown in price increases as factors.

NWMLS brokers reported 7,504 closed sales during September, down 27% from a year ago when they notched 10,289 completed transactions.

The median price on last month’s sales across the 26 counties in the report rose about 5.1% from a year ago, increasing from $570,000 to $599,000. Prices are down slightly from the August median of $600,000 and from the year’s peak of $660,000 that was reported in May.

“The ‘Great Reversion’ continues with the number of homes in the tri-county market of King, Pierce, and Snohomish counties up 106% from a year ago,” stated Matthew Gardner, chief economist at Windermere Real Estate. “It’s worth noting that current inventory levels in King and Snohomish counties are still around 13% lower than they were in September 2019 prior to the pandemic-induced market shift.”

County	Active Listings, Sept. 2019	Active Listings, Sept. 2022	% change
King	5,431	4,738	-12.8%
Snohomish	2,156	1,873	-13.1%

For the 26 counties in the MLS report there were 15,008 active listings at the end of September. That’s a jump of more than 93% from the year-ago total of 7,757 active listings. It is also a slight improvement (2.2%) from August when there were 14,683 active listings across the NWMLS market.

Measured by months of supply, there are only two months of inventory, an improvement from one year ago when there were only about three weeks (0.75 months) of supply, but still well below the four-to-six months of inventory real estate analysts use as a measure of a balanced market.

King County has 2.02 months of supply, but the other counties in the Puget Sound region have less than that. There is 1.61 months of supply in Kitsap County, 1.63 months in Snohomish County and 1.84 months in Pierce County.

Last month’s uptick in inventory included 9,422 new listings brokers added during September. Compared to the same month a year ago, that volume of new listings dropped 17%. Compared to August, new listings dipped about 5%.

The inventory of single family homes (excluding condominiums) nearly doubled from a year ago, jumping from 6,679 to 13,266 (up 98.6%). Condo listings jumped about 62% from the year-ago figure of 1,078 to 1,742.

Pending sales (mutually accepted offers) of single family homes and condos declined from a year ago, shrinking from 11,318 to 7,764, a drop of more than 31%. Last month’s pendings also fell from the August figure of 9,552 (down 18.7%).

Pending sales of single family homes, which accounted for nearly 88% of last month’s pendings, dropped around 31%, while condo sales slipped nearly 35%.

“Overall, September showed signs of a more traditional market with a natural slowdown of pending sales during this time of year,” observed Deely.

“Although the housing market experienced a major intensity adjustment from the spring, the percentage of homes going under contract within the first 30 days is strong and resilient,” stated J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “We are seeing approximately 80 percent of sales activity take place in the more affordable, mid-price range, and upper end price points,” he added.

Scott also cautioned against comparisons to the pandemic years. “We can’t compare today’s housing market to the low mortgage rates of the COVID housing stimulus years (2020 to spring 2022).” He suggests pre-pandemic data provides a more realistic comparison, noting “In September, we experienced about the same number of new listings as we did pre-pandemic, but with less intensity and a lower percentage of homes going under contract.”  

A comparison of counties in the MLS report shows wide variation in year-over-year price (YOY) changes. Prices dropped in six counties (Clallam, Columbia, Lewis, Okanogan, Pacific and San Juan), while five counties registered double-digit increases (Adams, Douglas, Ferry, Skagit, and Walla Walla). The remaining 15 counties had single-digit YOY price gains.

In Kirkland, which Money magazine just ranked third-best place to live in the U.S., the median price of a single family home that sold during September was $1,355,000. That marked a jump of about 8.6% from the year-ago sales price of $1,247,500.

Area-wide, the median price on last month’s single family homes (excluding condos) rose 4.75%, from $589,000 to $617,000. King County, where the median price on last month’s single family home sales was $875,000, had the most expensive homes. Within King County, single family homes on the Eastside fetched the highest price last month at $1.2 million. Homes in the southwest segment of the county sold for about half that amount ($590,000), but they had the highest YOY increase when comparing the six sub-areas tracked by the MLS. Countywide, single family home prices increased nearly 6%.

Condo prices surged 9.2% from a year ago, rising from $435,000 to $475,000.

“We are in a new market and proper pricing is most important,” emphasized Dean Rebhuhn, owner at Village Homes and Properties in Woodinville. “We are still experiencing pent-up buyer demand in King, Snohomish and Pierce counties,” he added, pointing to low supply in those areas.

Commenting on prices, Deely said, “From January through June, we had double-digit median price increases every month, which ceased in July. All this gives buyers more selection and the time to be more selective.”

In general, “sellers are still realizing nice gains,” Larson commented.

Gardner pointed out home prices “remain positive compared to a year ago,” adding, “I don’t expect that to change through the end of 2022.” By spring, however, he believes “it’s likely that year-over-year prices will start to trend negative. That said, I firmly believe that this will only be a short period of correction, so homeowners in the Puget Sound area shouldn’t be too concerned, especially given that 64% of them are sitting on over 50% of home equity.”

Uncertainty about the direction of mortgage rates is prompting buyer hesitancy, according to some market watchers.

“With uncertainty over interest rate increases, some buyers are still holding off,” stated Deely. “For sellers, correct pricing remains critical if they want to capture buyers who are currently in the marketplace.” Continuing, Deely said, “Sellers need to be hyper-local in their pricing strategy based on what is happening in their local market now versus ‘what could have been’ earlier in the year.”

Rebhuhn agreed, saying motivated sellers are reducing prices to attract showings as increasing mortgage rates are reducing purchasing power.

Larson suggested waning consumer confidence may be having an impact on activity. “When consumer confidence in the economy is low, the instinctive response is to hunker down and do nothing.”

Allison Schrager, a Bloomberg Opinion columnist who covers economics, recently commented about buyers “sitting on the sidelines until rates or prices or both decline.” She faults the Fed’s interference, writing “don’t count on rates falling to those pandemic lows. They were the result of extraordinary market manipulation from the Fed,” suggesting there will be a “hangover from the very low rates in 2020 and 2021.”  

On a brighter note, The Conference Board said its Consumer Confidence Index® increased in September for the second consecutive month. Acknowledging recession risks “nonetheless persist,” Lynn Franco, senior director of economic indicators at The Conference Board, stated, “Concerns about inflation dissipated further in September – prompted largely by declining prices at the gas pump. . .”

Commenting on inflation, veteran broker Rebhuhn said, “Smart purchasers understand home ownership is a good hedge against inflation.”

About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.

 

Single Fam. Homes + Condos	LISTINGS	PENDING SALES	CLOSED SALES	MONTHS OF INVENTORY
New Listings	Total Active	# Pending Sales	# Closings	Avg. Price	Median Price	This month	Same mo., year ago
King	3,504	4,738	2,314	2,348	$987,616	$799,000	2.02	0.68
Snohomish	1,300	1,873	1,153	1,146	$763,543	$700,000	1.63	0.48
Pierce	1,425	2,247	1,331	1,218	$592,423	$526,000	1.84	0.67
Kitsap	440	713	410	443	$644,857	$535,500	1.61	0.69
Mason	159	287	134	111	$478,607	$410,000	2.59	0.76
Skagit	211	369	183	180	$644,644	$552,250	2.05	1.21
Grays Harbor	160	405	170	137	$354,868	$345,000	2.96	1.43
Lewis	142	348	142	116	$403,927	$378,475	3.00	1.66
Cowlitz	138	256	123	118	$415,853	$399,950	2.17	0.89
Grant	112	211	95	104	$368,676	$350,000	2.03	1.24
Thurston	419	641	432	423	$526,711	$480,000	1.52	0.56
San Juan	28	117	28	24	$1,085,104	$773,750	4.88	2.96
Island	188	296	162	136	$604,771	$542,500	2.18	0.69
Kittitas	98	207	78	88	$702,269	$516,500	2.35	1.34
Jefferson	48	115	61	51	$649,947	$598,000	2.25	0.83
Okanogan	59	186	54	46	$381,085	$327,000	4.04	5.07
Whatcom	415	720	344	331	$611,260	$545,000	2.18	0.92
Clark	79	145	82	65	$570,065	$495,000	2.23	0.70
Pacific	62	162	63	51	$384,195	$340,000	3.18	1.66
Ferry	9	29	5	4	$255,046	$262,591	7.25	3.25
Clallam	87	189	88	99	$500,940	$439,000	1.91	0.95
Chelan	118	267	118	93	$689,162	$550,000	2.87	1.74
Douglas	54	95	49	50	$553,200	$497,500	1.90	1.00
Adams	14	61	12	10	$358,409	$358,859	6.10	1.05
Walla Walla	80	112	63	60	$468,352	$411,000	1.87	1.41
Columbia	6	26	6	3	$613,667	$201,000	8.67	10.00
Others	67	193	64	49	$384,615	$360,000	3.94	1.26
Total	9,422	15,008	7,764	7,504	$726,348	$599,000	2.00	0.75

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2003	4746	5290	6889	6837	7148	7202	7673	7135	6698	6552	4904	4454
2004	4521	6284	8073	7910	7888	8186	7583	7464	6984	6761	6228	5195
2005	5426	6833	8801	8420	8610	8896	8207	8784	7561	7157	6188	4837
2006	5275	6032	8174	7651	8411	8094	7121	7692	6216	6403	5292	4346
2007	4869	6239	7192	6974	7311	6876	6371	5580	4153	4447	3896	2975
2008	3291	4167	4520	4624	4526	4765	4580	4584	4445	3346	2841	2432
2009	3250	3407	4262	5372	5498	5963	5551	5764	5825	5702	3829	3440
2010	4381	5211	6821	7368	4058	4239	4306	4520	4350	4376	3938	3474
2011	4272	4767	6049	5732	5963	5868	5657	5944	5299	5384	4814	4197
2012	4921	6069	7386	7015	7295	6733	6489	6341	5871	6453	5188	4181
2013	5548	6095	7400	7462	7743	7374	7264	6916	5951	6222	5083	3957
2014	5406	5587	7099	7325	8055	7546	7169	6959	6661	6469	5220	4410
2015	5791	6541	8648	8671	8620	8608	8248	7792	7179	6977	5703	4475
2016	5420	6703	8130	8332	9153	8869	8545	8628	7729	7487	6115	4727
2017	5710	6024	7592	7621	9188	9042	8514	8637	7441	7740	6094	4460
2018	5484	5725	7373	7565	8742	8052	7612	6893	6235	6367	5328	4037
2019	5472	4910	7588	8090	8597	8231	7773	7345	6896	6797	5788	4183
2020	5352	6078	6477	5066	7297	8335	8817	9179	8606	7934	6122	4851
2021	5216	5600	8002	7716	8674	8824	8049	8586	7880	7405	6022	3943
2022	4405	5560	7312	6908	7482	6031	5934	6581	5208

Wednesday Market Update – Eastside Residential Market Stats as of 10/05/22:

RECAP:
Active listings remain steady this week, for the fourth week in a row. We would normally expect them to decline at this time of year, but many sellers still remain hopeful for a sale this year. Pending sales dropped 8% this week,  pushing the Months of Inventory to the second highest level this year at 2.44 months.  Rates are holding steady from last week with the average 30 year fixed rate the same at 6.55%. Rates where 3.09% one year ago today. 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings remain steady from last week. 1004 vs 1007 a 0% increase. Compared to a year ago this week, listings are up 378%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,699,000. 

Pending Sales are down from last week. 95 vs 103 a 8% decrease. Compared to a year ago this week, pending sales are down 42%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,425,000, which is down from last week where they were at $1,495,500. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory rose this week. It was 2.26 months of inventory last week and is now 2.44 months of inventory, the second highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Wednesday Market Update – Eastside Residential Market Stats as of 9/28/22:

RECAP:
Active listings remain steady this week, for the third week in a row. Pending sales took a 20% drop this week as the impacts of interest rate increases have taken their toll. This brought the Month of Inventory Index back over 2 month again.

Thankfully, the 10 year treasury declined today (what a 30 year mortgage is priced upon) giving some reprieve. The 30 year rate almost hit 7% this week, but are now at 6.65% today. A welcome sign for Home Buyers!

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings remain steady from last week. 1007 vs 1005 a 0% increase. Compared to a year ago this week, listings are up 286%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,699,900. 

Pending Sales are down from last week. 103 vs 129 a 20% decrease. Compared to a year ago this week, pending sales are down 44%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,495,500, which is up from last week where they were at $1,399,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory rose this week. It was 1.80 months of inventory last week and is now 2.26 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

 

Wednesday Market Update – Eastside Residential Market Stats as of 9/21/22:

RECAP:
Active listings and Pending sales remain fairly steady this week. 

The big news over the last week is interests rates. The 30 year fixed rate is at an average of 6.47% today. With a historical perspective, this is not particularly high, but it is a rate the market has not seen since 2008. 

It becomes even more significant for Buyer’s affordability when you consider that 30 year fixed rates started the year at an average of 3.29%. All this puts tremendous pressure on affordability. Every 1% change in rates, means a buyer can afford about 10% less of a home for the same payment. 

As an example: $4000 monthly mortgage payment can purchase the following:

1/3/22 at 3.29% = $914,484.95 loan amount

9/21/22 at 6.47% = $634,823.53 loan amount

The change in rates since the beginning of 2022 has dropped buyers qualification amounts by 30%. It is no wonder that there has been downward pressure on prices! 

Should you wait to buy a home? NO!

The median closed price on the Eastside peaked in April at $1,722,500 and is at $1,350,000 as of August, a drop of 21%. With the effective cost of financing rising 30%, Buyers have taken a 9% hit in waiting out the market! The only Buyer who has profited by waiting is the cash Buyer. 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are up from last week. 1005 vs 1006 a 0% increase. Compared to a year ago this week, listings are up 290%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,750,000. 

Pending Sales are up from last week. 129 vs 136 a 5% decrease. Compared to a year ago this week, pending sales are down 32%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,399,000, which is up from last week where they were at $1,250,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory rose this week. It was 1.71 months of inventory last week and is now 1.80 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

 

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Wednesday Market Update – Eastside Residential Market Stats as of 9/14/22:

RECAP:
Active listings rose slightly this week. Pending sales continue to increase, which continues to tightened the Months of Inventory leading to the market strengthening. 

Other notable items: The Median Price for Active Listings has not been above $1700k since the week of 6/22/22 at the same time the Median Price for the Pending Listings have reached their lowest level so far this year. I believe their are two factors at play here:

1. Some Seller’s still have their pricing disconnected from the market realities.

2. Due to a strong increase in interest rates, Buyer’s loan qualification amounts are being lowered, so they are moving on the less expensive houses.

With the less expensive houses being the priority, this could drive up the Active Listing Median Price (the expensive homes are what is left unsold) and lower the Pending Median Price (as the lower priced homes make up a greater share of sales) all at the same time.

It will be interesting to see how this plays out in the weeks to come. 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are up from last week. 1006 vs 991 a 2% increase. Compared to a year ago this week, listings are up 273%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,735,000. 

Pending Sales are up from last week. 136 vs 125 a 6% increase. Compared to a year ago this week, pending sales are down 18%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,250,000 (the lowest they have been since the start of the year), which is down from last week where they were at $1,399,950. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory dropped again this week. It was 1.83 months of inventory last week and is now 1.71 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Latest Press Release – August Statistical Data

Wednesday Market Update – Eastside Residential Market Stats as of 9/7/22:

RECAP:
Active listings continue their decline this week. Pending sales showed a minor increase, which tightened the Months of Inventory. Normally, we would not expect the dynamics of the market to improve over a holiday weekend, but the rise again of interest rates likely pushed some buyers forward due to the fear of further rate increases. 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 991 vs 1061 a 7% decrease. Compared to a year ago this week, listings are up 329%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,695,000. 

Pending Sales are up from last week. 125 vs 114 a 2% increase. Compared to a year ago this week, pending sales are down 6%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,399,950, which is up from last week where they were at $1,382,500. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory dropped this week. It was 2.15 months of inventory last week and is now 1.83 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

Rate Chart:

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

RECAP:
Not much change this week. Active listings remain flat, pending sales showed a minor decline which brought a small increase to the Months of Inventory.

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are slightly down again from last week. 1061 vs 1064 a 0% decrease. Compared to a year ago this week, listings are up 289%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,659,000. 

Pending Sales are down from last week. 114 vs 120 a 5% decrease. Compared to a year ago this week, pending sales are down 40%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,382,500, which is down from last week where they were at $1,459,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory climbed this week. It was 2.05 months of inventory last week and is now 2.15 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Latest Press Release – July Statistical Data