Buyer Relief or Market Dump?!

• The number of for sale listings was up 103.8% from one year earlier and down 1.6% from the previous month.
• The number of sold listings decreased 27.9% year over year and decreased 7% month over month. 
• The number of under contract listings was down 14.7% compared to previous month and down 30.1% compared to previous year.
•  The Months of Inventory based on Closed Sales is 2, up 185% from the previous year. 
•  The Average Sold Price per Square Footage was down 1.6% compared to previous month and up 2.5% compared to last year.  
• The Median Sold Price decreased by 0.6% from last month. 
• The Average Sold Price also decreased by 1.7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Depreciating" and the Median Sold Price trend is "Depreciating".
•  The Average Days on Market showed an upward trend, an increase of 100% compared to previous year.
• The ratio of Sold Price vs. Original List Price is 95%, a decrease of 6.9% compared to previous year.

REAL ESTATE MARKET NEWS

“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.”

If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the market update.

OR if you would like more information on our unique systems and programs, call us at 425-236-6777 or visit our website www.GeorgeMoorhead.com

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