moving to seattle: Seattle Real Estate Bucks The Trend - 03/05/24 08:38 PM
Northwest MLS MarketTransactions across the Northwest MLS, have been down the last two years.  For example, during the 5 years between, 2017 and 2022, the average of number of sales in February was 5,426 .  Furthermore, the least amount of sales transactions during that time was in February 2019 being 5,145.  In contrast, the past two Februarys the number of sales was 4,258 in 2023 and 4,189 in 2024.   Nevertheless, the median price has generally trended up, with 2023 the only year to see a dip from the previous year.  Median price across the NWMLS in February 2017 was $335,515 and … (3 comments)

moving to seattle: Greater Seattle Real Estate Report - August 2023 - 09/14/23 04:35 PM
Overall Greater Seattle Real Estate MarketThe Greater Seattle real estate market is part of the Northwest MLS.  Pending Sales in August were down 25% across the NWMLS, but the median price In August was the same as July ($615,000) and actually higher than the previous year ($600,000).  Prices remain strong because of low inventory.  Many current homeowners are locked in at historically low interest rates; thus, are generally choosing to stay put rather than sell.  Only 8,152 new listings were added in August.  Down 18% from the previous August which added 9,914.
The Greater Condo MarketThe condo market has also faired well. … (5 comments)

moving to seattle: Seattle Real Estate Midyear Report 2023 - 07/17/23 06:13 PM
First A Look Back at Seattle Real Estate 2022The first half of 2022 was a record period, but the market finally cracked under the pressure of rising interest rates starting last June.  In 2022, the NWMLS median price peaked in May at $660,000, and declined every month afterwards.  For instance, June median price was $650,000 ($10,000 less than May).  The reason this is important is we usually look at the health of the current market, by looking at the previous year.  For example, most residential numbers are down from last June across the NWMLS: pending sales down 13.2%, closed sales are … (4 comments)

moving to seattle: Buy a Seattle House Now! - 06/15/23 02:19 PM
Is it wise to buy a house in Seattle now?It is a complex question that you really should speak to a Seattle real estate broker about, but...the simple answer is yes!  Prices peaked across the NWMLS (26 counties in WA State) in the May of 2022 (median price of $660,000).  However, as the interest rates continued to increase the real estate market began to fade.  Median prices declined each month, but the prices were still higher than the previous year.  Finally in December 2022 it was the first time that median prices dipped below the previous year.  It was a minor … (2 comments)

moving to seattle: Seattle Real Estate Improving in 2023 - 05/05/23 05:54 PM

Median Homes Price continues to increase every month in 2023.  The King County median home price has increased from $781,098 in January to $875,000 in April.  Prices are lagging behind last year when interest rates were much lower, but, now with four months of data, there is a definite trend of increasing prices in 2023.  While there is a seasonal component of increased number of transactions every spring, the 63.5% increase of the number of sales over January is higher than the typical seasonal fluctuation.  
Interest Rates?Rising interest rates are a double-edged sword.  In one way the real estate market is being … (2 comments)

moving to seattle: Good Time to Buy Seattle Real Estate? - 03/17/23 02:35 PM
Is it a good time to buy Seattle real estate?  The NWMLS, including the Greater Seattle real estate market, has seen some positive signs for both homebuyers and homeowners.  For instance, at the end of February there was 1.7 months of housing supply across the NWMLS.  Traditionally, 4 to 6 months is an even market, so that indicates a sellers’ market.  However, last February inventory was at 0.7 months, so in comparison it feels more like a buyers’ market.  Pending sales are down 19% and closed sales are down 17.3% from a year ago so there are less transactions, but with … (1 comments)

moving to seattle: Seattle Real Estate Has It Improved? - 02/11/23 12:36 AM
Has the Seattle real estate market improved?  Seattle is part of the NWMLS.  While pending sales across the NWMLS are still down 9% from last January, the market has shown resilience to begin 2023.  For example, pending sales in January are up 44% over December.  In addition, prices in January are up 0.41% when compared with last January. 
The improved market seems to correlate with the recent interest rate drop.  Interest rates peaked in November with a Freddie Mac U.S. weekly average of over 7%.  Last week, that number was 6.09%.
Inventory is up from the historically low numbers from a year ago.  … (4 comments)

moving to seattle: The State of the Seattle CONDO Market - 01/23/23 05:41 PM
2022 started out the year with both historically low interest rates and record low inventory.  This created a very hot (seller’s) market across the NWMLS and the Greater Seattle condo market.  For example, 2021 ended with the Freddie Mac 30 year fixed rate of 3.05% and NWMLS had 0.40 months of housing inventory.  In comparison, at the end of 2022, Freddie Mac 30 year interest rate was 6.42% and inventory was at 2.09 months.  Thus the real estate market changed drastically over the course of the year.  Nevertheless, the condo market had modest increases at year end.  Across the NMWLS, condo … (2 comments)

moving to seattle: July Real Estate Recap: Seattle & Beyond - 08/10/22 06:14 PM
NWMLS July UpdateThe greater Seattle real estate market is still strong just like the rest of the state, but there are signs of change.  For instance, across the NWMLS pending (-24%) and closed (-30%) sales are down from the previous year.  Thus, the number of condos and homes listed is up to 15,381 which is nearly twice the amount last year (7,948 listings).  Thus, inventory supply is just over two months which is the highest it has been since January 2019 when there was 2.3 months' supply.  Despite the slowdown in the amount of sales, it is still not to the … (1 comments)

moving to seattle: Greater Seattle Real Estate Report - June 2022 - 07/20/22 12:50 PM
Despite the negative news, the Greater Seattle real estate market is still relatively strong.  It is slowing down, but the sky is not falling.  Across the NWMLS, inventory is up to 13,405 listings (homes and condos) which is over double last June (6,358 listings).  Nevertheless, inventory is at 1.48 month supply which is still not the 3 to 6 months that is considered an even market for buyers and sellers.  Thus, prices continue to stay high.  Median prices on the NWMLS are up to $650,000 compared to $589,000 a year ago: a 10.4% increase (10.5% for homes/10.2% for condos).  While 10.4% … (3 comments)

moving to seattle: Real Estate Report - April 2022 - 05/12/22 06:36 PM

Residential properties across the NWMLS (26 counties) sold for 107.8% over asking price in April.  King County is one of two counties where inventory is down from a year ago.  This is especially true for condos where inventory is down 35%.  Thus King County prices are up nearly 20% for single family homes and 12.6% for condos  Median price in King County for a house is now nearly $1 million ($995,000) and condos are $518,000.  Nevertheless, inventory across the NWMLS is up slightly and with an uptick in interest rates, some think the real estate market will start to calm.  But, … (1 comments)

moving to seattle: Real Estate Report - November 2021 - 12/23/21 07:28 PM
The holiday season is historically slow time in the Seattle real estate market.  During COVID the last two years, the real estate market has not been as affected by  holidays as other years.  This November and last November are nearly identical in the number of transactions.  Both years the number of pending sales were nearly 8,600 and the number of closes sales were within 1.14% (8,976 in 2021 vs 8,875 in 2020). 
Only 6,455 listings were added this November which was well below the pending sales of nearly 8,600.  This continues the downward trend on inventory in the NWMLS.  Real estate inventory … (3 comments)

moving to seattle: Real Estate Report - October 2021 - 11/10/21 07:07 PM
Across the Northwest Multiple Listing Service inventory is down over 23% and prices are up 15% from last year. Prices in Seattle, while not as impressive, are still up 5.3%.  Other areas of King County have seen large gains. For example, Vashon prices are up 33% and the Eastside is up 17.3%.  The Eastside and even Seattle are luxury real estate markets.  In October, Seattle homes had an average sales price of $1.05 million and sell for an average of 15 days.  On the Eastside, the Bellevue area between Lake Washington and Lake Sammamish had an average sales price of nearly … (1 comments)

moving to seattle: Second Best September for Pending Sales in 20 Years - 10/19/21 05:37 PM
Real estate inventory continues to be low.  While new listings outpaced pending sales, it was very close.  In September there were 11,373 new listings with 11,318 pending sales.  That makes this September the second best September for pending sales in the last 20 years.  Therefore, overall real estate inventory is still low with 7,757 total properties which equates to only 3 weeks of inventory.  Generally 3 to 6 MONTHS is considered an even market.  Homes in King County are especially tight, down 32.5% since last year at this time.  Prices in King County are up almost 7%, but outside counties are … (1 comments)

 
J. Casey Losh, CEO (Ewing and Clark)

J. Casey Losh

CEO

Seattle, WA

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Ewing and Clark

Address: 2110 Western Avenue, Seattle, WA, 98121

Office: (206) 441-7900

Ewing and Clark is Washington State's oldest real estate company. This blog highlights what's going on in the national and Seattle real estate market as well as some of our most unique listings.


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