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NOVEMBER 2022

REAL ESTATE MARKET UPDATE

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October 2022 is a Seller's market! The number of for sale listings was up 113.7% from one year earlier and down 4.5% from the previous month. The number of sold listings decreased 37.4% year over year and decreased 18.8% month over month. The number of under contract listings was down 10.6% compared to previous month and down 37.9% compared to previous year. The Months of Inventory based on Closed Sales is 2.3, up 237.4% from the previous year.

The Average Sold Price per Square Footage was down 0.3% compared to previous month and up 1.4% compared to last year. The Median Sold Price decreased by 1.6% from last month. The Average Sold Price also increased by 0.1% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Depreciating".

The Average Days on Market showed a upward trend, an increase of 94.1% compared to previous year. The ratio of Sold Price vs. Original List Price is 95%, a decrease of 6.9% compared to previous year.

Northwest MLS brokers say motivated home buyers turn to creative financing options...

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.

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.”