First A Look Back at Seattle Real Estate 2022
The 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 down 24%, and median sales price is down about 3.85%.
So Seattle Real Estate is Struggling in 2023?
Simply the answer is no! Actually, it is the opposite. Despite the negative comparison to last year, the real estate market is stronger than it was last June. Interest rates caused the market to decline in the second half of last year; nevertheless, rates are higher now than last year at this time, but unlike last year the real estate market is on an upward swing going into July. For instance, NWMLS median sales price in January 2023 was $557,250 and it has increased each and every month thus year. This June median prices are $625,000: up 12.2% from January. In addition, June had the highest number of closings since last September, even with limited inventory. For instance, the number of active listings is down 21% since last June. So even with limited amount of inventory the number of sales have increased.
Click the link to learn more about the Seattle real estate market! The monthly reports have more specific numbers regarding both Seattle home and Seattle condo market. For example, this Seattle real estate blog post has more details on Seattle real estate specifically. For instance, Seattle median home price is $910,000, but other Eastside cities are even higher. Click the above link to learn more.
Pictured above is the Newmark Tower located a block from Pike Place. It is one of the rare condos that allows short term rentals (minimum 7 days). Condos sell quickly in the condo. Ewing and Clark recently sold two condos there, both went pending in 3 days.