APRIL 2023
REAL ESTATE MARKET UPDATE
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March 2023 was a Seller's Market!
The number of for sale listings was up 90.1% from one year earlier and up 8% from the previous month. The number of sold listings decreased 30% year over year and increased 32.4% month over month. The number of under contract listings was up 21.1% compared to previous month and down 27.8% compared to previous year. The Months of Inventory based on Closed Sales was 1.3, up 162.1% from the previous year.
The Average Sold Price per Square Footage was up 1.1% compared to previous month and down 11.2% compared to last year.The Median Sold Price increased by 1.8% from last month. The Average Sold Price also increased by 3.7% from last month. Based on the 6 month trend, the Average Sold Price trend was "Appreciating" and the Median Sold Price trend was "Appreciating".
The Average Days on Market showed a neutral trend, an increase of 206.7% compared to previous year. The ratio of Sold Price vs. Original List Price was 97%, a decrease of 10.2% compared to previous year.
Brokers around Washington state say spring market is “finally showing up”
Real estate brokers around Washington state say the market is moving in a positive direction with the spring market “finally showing up in March.”
Newly-released statistics from Northwest Multiple Listing Service show declines in some key metrics for March compared to 12 months ago, but steady gains when compared to February and January.
From February to March, key indicators, including new and active listings, pending sales and closed sales are trending upward. Areawide prices have also increased since January, up nearly 5.9%.
Brokers added 7,904 new listings during March across the 26 counties in the Northwest MLS report. That total is down nearly 30% from a year ago, but up more than 51% from February, when brokers added 5,231 new listings of single family homes and condominiums.
The combination of newly added listings and slower pace of sales contributed to a buildup of inventory during March, but supplies are still limited in many areas.
At the end of March, there were 8,007 active listings in the MLS database, up more than 73% from a year ago and up about 10.7% from February’s selection. Even with those gains, the supply, measured by months of inventory, was 1.38 months (less than six weeks), well below the four-to-six month level that industry experts say indicates a balanced market.
Three counties – Pierce, Snohomish and Thurston – all had less than one month of supply.
NWMLS Market Snapshot - March 2023
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