Real estate market in WA sees no seasonal slowdown
While the weather has certainly been frightful, the seasonal real estate slow did not slow a lot of buyers this year. Although prices rose 15% year over year, the amount of closed sales in November is comparable to that of last year according to the latest report from the Northwest Multiple Listing Service.
There were 8,571 pending sales across he 26 counties last month as compared to 8,584 last year. Meanwhile the closed sales were up year-over-year with 8,976 – up 1.14%. The typical seasonal slowdown was not evident when looking at the listings that have gone under contract – a staggering 8,571 during the month of November. The sellers continue to have the upper hand in the market, as the inventory remains low – only 6,455 new listings came onto the market last month.
At the end of November there was a total f 4,621 active listings – that figure includes single family homes and condominiums. That number is 29% lower than last year, creating an inventory squeeze. Five counties in the state had less than two weeks of supply: Snohomish, Thurston, King, Clark, and Pierce. While the prices area-wide are up significantly year-over-year, the median price in King county was at $740,000 in November – down from $789,000 a year ago. The inventory is spiraling downward as well, down 60% from November 2021.
The entire Northwest Multiple Service report can be read here.
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