FEBRUARY 2023
REAL ESTATE NEWSLETTER
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425-236-6777
The Buyer Wave Is Coming! Hang On!
January 2023 was a Seller's market!
The number of for sale listings was up 156.9% from one year earlier and down 17.2% from the previous month. The number of sold listings decreased 34.4% year over year and decreased 27.2% month over month. The number of under contract listings was up 52.8% compared to previous month and down 3.7% compared to previous year. The Months of Inventory based on Closed Sales was 2.5, up 292.8% from the previous year.
The Average Sold Price per Square Footage was down 0.9% compared to previous month and down 3.4% compared to last year. The Median Sold Price increased by 0.5% from last month. The Average Sold Price also decreased by 0.1% from last month. Based on the 6 month trend, the Average Sold Price trend was "Depreciating" and the Median Sold Price trend was "Neutral".
The Average Days on Market showed a upward trend, an increase of 125% compared to previous year. The ratio of Sold Price vs. Original List Price was 94%, a decrease of 8.7% compared to previous year.
REAL ESTATE MARKET NEWS
Pending sales around Washington state reached the highest level since October and surged nearly 44% from December, according to the January report from Northwest Multiple Listing Service. Last month’s 5,776 mutually accepted offers were down about 9% from a year ago, but brokers seemed encouraged by the “favorable spike.” Prices on last month’s closed sales edged up slightly, at 0.41%, compared with twelve months ago. The area-wide median price on January’s 3,264 completed transactions $557,250; a year ago, when there were 5,085 closed sales, it was $555,000. Nine of the 26 counties in the report had year-over-year price bumps.
REAL ESTATE TIPS
INVESTOR CORNER
LIST OF VETTED CONTRACTORS
YOU CAN CALL IN TIMES OF NEED
EVENTS AND HIGHLIGHTS OF FEBRUARY
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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