NWMLS April 2022 Statistical Data

Yesterday the NWMLS published its latest press release. You can read the full article here:

Improving housing inventory, rising costs may bring some “normalcy” to Western Washington market

 
Some key takeaways:

Commenting on a new Northwest MLS report summarizing April activity, Scott noted a “slight increase” in unsold properties, adding, “Not all homes are selling within the first week on market.” He believes the “intensity adjustment means multiple offers will not be as commonplace as they’ve been in the last two years.” He also indicated premium pricing (above asking price) is softening as well.

Member-brokers added 11,681 new listings of single family homes and condos during April, the highest number since last July when 12,916 listings were added.

Only two counties, King and Jefferson, had year-over-year drops in inventory. “Unfortunately for King County buyers, the area is still desperate for inventory and competition is as fierce as ever,” remarked Gardner.

Commenting on April’s improvement in total inventory compared to a year ago, James Young, director of the Washington Center for Real Estate Research at the University of Washington, suggested “This is evidence that interest rates are having a cooling effect on some parts of the suburban market and along the I-5 corridor.”

“We are starting to see signs of impact from the significant rise in mortgage rates earlier this year, such as an increase in active listings and months of inventory creeping higher, but the full impact will likely not be felt for a few months,” said Matthew Gardner, chief economist at Windermere Real Estate.

Despite the improving inventory, and in spite of rising interest rates, brokers report brisk activity and are not seeing prices ease much.

O’Leyar is not expecting a dramatic change in the regional market but believes there could be a “leveling off” from the double digit-plus year-over-year appreciation.

Another industry leader, John Deely, also reported high demand, saying increases in interest rates “haven’t appeared to cool off the market quite yet.”

And here’s a video:
 

  
The NWMLS has more than 2,500 member firm offices and 32,000 WA brokers, and spans 26 counties across Washington State.