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 georgem@bentleyproperties.com 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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