The real estate market experienced a shock to the system in the second half of 2022. After more than two years of rock-bottom interest rates, the economic outlook, including rapid inflation, prompted many on their home-buying or selling journey to pump the brakes. For 12 Pacific Northwest market areas, year-over-year growth isn’t what we once saw, but there are many positive takeaways from the fourth quarter stats. As always, your Realogics Sotheby’s International Realty global real estate advisor can guide you through the ups and downs of the market, to assure that you’re making the right decision for your investment, lifestyle, and of course, home.
Seattle | Single-Family Homes
The market has shifted, but in Seattle, homes are still in demand, and these numbers are much more reminiscent of our pre-pandemic statistics.
Eastside | Single-Family Homes
In mid-2020 we started seeing incredible gains in the market, and on the Eastside we witnessed year-over-year median sold price gains of 20% to nearly 40%. The reality of gains like this, however, is that they couldn’t continue indefinitely. In the fourth quarter, the median sold price fell by 5% year-over-year, with the average price per square foot also down by just over 4%.
Mercer Island | Single-Family Homes
The last six months have seen a shift in the real estate market and have forced many sellers and buyers to realign their expectations. But these numbers suggest that while homes are on the market longer and there is much more inventory available, the value of a Mercer Island home is still above and beyond their “comparable” communities on the Eastside and in Seattle.
Bainbridge Island | Single-Family Homes
While prices did see gains year over year, the trendlines are relatively flat. There’s a resetting of expectations here, as one of the biggest shifts from 2021, is the average time a home is listed for sale on the market, 37 days.
Seattle | Condominiums
Those interested in Seattle’s condo market should be aware of some key differences from its residential market. For sellers, listings continue to move at a slower pace than single-family homes in the same area.
Kitsap County | Single-Family Homes
(Excluding Bainbridge Island) The median sold price of a single-family home is up only 1.84% while the average price per square foot is down .91% year over year.
King County | Single-Family Homes
While King County favors sellers with two months of inventory, the outlook for buyers is far more positive than it was nearly a year ago when only .3 months of available inventory.
Pierce County | Single-Family Homes
The sales price growth for the fourth quarter, in both average price per square foot and median sales price, saw an uptick of less than a single percentage point.
Snohomish County | Single-Family Homes
A year ago, a listing was on the market for two weeks on average before finding its buyer, the average time for a listing to sit in Q4-2022 was 37 days.
Skagit County | Single-Family Homes
This flattening of the trendlines year over year is not necessarily a sign of an incoming price drop, as a few key factors keep the market in step with the boom we’ve experienced over the last two years.
Island County | Single-Family Homes
Fewer homes sold in the area compared to this time last year, and as a result, inventory is up, too.
Whatcom County | Single-Family Homes
This data suggests that sellers are still in a good position, but should be prepared for the home to sit on the market for over a month, as well as make considerations that could persuade the right, but pickier, buyer.