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Local Market Update – February 2022
The local market in January looked a bit like the calm before the storm. Home prices took a pause from the frantic surges of last year, but if the sales we’ve seen in the last few weeks are any indication, the market looks like it’s heating up again. Inventory inched up in January, but remains far short of buyer demand. Homes are selling fast, and for well over asking price. Expect this spring, traditionally the busiest season of the year for home sales, to be hotter than ever.
Concerns about future mortgage interest hikes appear to have added fuel to an already overheated market, further depleting already meager inventory. The number of homes for sale was lower than any January on record, according to Matthew Gardner, Windermere’s chief economist. There were 59% fewer homes on the market in King County than the same time last year. Snohomish County’s inventory was down 35%. Based on current demand, it would take less than two weeks to sell all the properties on the market in both counties. Buyers competing for scant inventory snapped up available homes quickly. In King County, 72% of the homes sold in January were on the market less than two weeks. On the Eastside, 81% of homes sold in less than two weeks, as did 61% of homes in Seattle, and 76% of homes in Snohomish County.
Homes prices continued to trend upward compared to the same time last year. In January, the median price of a single-family home in King County rose 7% year-over-year to $775,000. Home prices on the Eastside jumped 32% over a year ago to $1,515,000, virtually unchanged from the all-time high of $1,529,500 set in December. With 71% of homes on the Eastside selling for over asking price, the market is expected to stay very competitive. Prices in Seattle have been fairly level for the past few months. The January median home price of $790,000 is flat compared to a year ago. In Snohomish County, the $715,000 median home price was up 19% over the prior year. While January’s statistics (which reflect sales that closed in December) hinted that the market may be easing off, the housing activity we’re seeing today indicates that buyers are stepping on the gas. Expect even more competition for homes in the coming months.
Despite the pandemic and remote work, large companies continue to hire new workers and invest in large office projects in the area. Matthew Gardner weighed in on how he sees that affecting the housing market. “One of the biggest questions for 2022 is how the market will be further impacted by the work-from-home paradigm given that many companies have postponed their long-term WFH plans. This is likely holding back sellers during a time when we desperately need additional inventory, as well as buyers who are concerned about rising mortgage rates.” Gardner expects more sellers will list their homes and more buyers will start their searches once they know how often they need to commute to work, which may result in a busier spring market than expected.
If your plans for 2022 include buying or selling a house, we’re here to help. Get in touch and we can get started.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
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Record-low temperatures combined with record-low inventory put a chill on housing activity in December. With very few homes available to buy, sales were down. Lack of supply and high demand continued to push prices up. Since the winter months historically bring the smallest number of new listings, buyers should not expect relief anytime soon. While up from a year ago, home prices in general were relatively flat from November to December. In King County, the median single-family home price rose 9% from last December to $810,000. Despite high demand and low inventory, prices in Seattle continue to level off. While down slightly from November, the median price increased a modest 5% over a year ago to $839,000. The Eastside was again the outlier. After breaking price records in October and November, home prices soared 37% year-over-year to set yet another all-time high of $1,529,500 in December. That represents a 7% increase from November. In further evidence of just how hot the Eastside market is, 75% of the properties there sold for over list price. Prices in Snohomish County continued to inch closer to King County. The median home price there jumped 22% to $700,000. The driving force affecting affordability is lack of inventory. In both Snohomish and King counties it would take less than a week to sell the homes that are currently on the market. At the end of December, Snohomish County has just 210 single-family homes for sale in the entire county. Seattle had only 167 homes for sale; the Eastside just 55. That represented 70% less inventory for both Seattle and the Eastside as compared to a year ago. To give some historical perspective, the ten-year average inventory for the end of December is 545 homes in Seattle and 743 homes on the Eastside. Matthew Gardner, Chief Economist at Windermere, registered his concern. “The Puget Sound region is in dire need of more housing units which would function to slow price growth of the area’s existing housing,” he said. “However, costs continue to limit building activity, and that is unlikely to change significantly this year.” The demand side of the equation isn’t expected to wane any time soon either. With millions of square feet of new office space and new light rail developments in the works, the area continues to be a draw for employers – and more potential homebuyers. What’s ahead for 2022? Matthew Gardner expects the market to continue to be strong, but believes the pace of appreciation will slow significantly from this year. “I predict single family prices will increase by around 8% in King and Snohomish counties. Affordability issues and modestly rising interest rates will take some of the steam out of the market in 2022.” From working remotely to finally retiring, life events often trigger housing decisions. If you find yourself looking to buy or sell a property, we’re here to help. VIEW FULL SNOHOMISH COUNTY REPORT This post originally appeared on
While the housing market typically slows down in the winter, fewer buyers are taking a break this year. High demand and scant inventory still favor sellers, who continue to see multiple offers. In one bright spot for buyers, home prices – while up from over a year ago – appear to be evening out in most of the region. Potential home sellers who’ve been sitting on the fence may want to consider taking a leap into the market now. With the exception of the Eastside, Puget Sound median home prices were essentially flat in November compared to the previous month. However, prices increased by double-digits in most areas from last year. In King County, the median single-family home price rose 12% from last November to $820,000. Home prices in Seattle continue to level off, with the median price of $850,000 up just 4% from a year earlier. The Eastside maintained its strong appreciation, with prices soaring 35% from a year ago to a new record. The median home price there of $1,428,000 topped the previous all-time high price of $1,365,000 set in October. Prices in Snohomish County jumped as well, rising 23% to $695,000. Despite the traditional winter slowdown, the supply of homes for sale just isn’t budging. Snohomish County has just three weeks of inventory. In King County it would take just over a week to sell through all the homes for sale. Inventory is at an all-time low on the Eastside, where there are only 100 single-family homes for sale in the entire area, which stretches from Issaquah to Woodinville. Homes there are snapped up quickly, with 85% of properties selling within two weeks. With demand at a peak, the inventory crunch is expected to continue. Developers are particularly bullish on the Eastside, where plans are in the works for numerous projects, including a new condo tower in Bellevue, a $500 million transit-oriented development, and over 7,500 new apartment units that are being built in Redmond. What’s ahead for 2022? Matthew Gardner, Chief Economist at Windermere, expects the market to continue to be strong, but believes the pace of appreciation will slow significantly from this year. “I predict single family prices will increase by around 8% in King and Snohomish counties. Affordability issues and modestly rising interest rates will take some of the steam out of the market in 2022.” Do your New Year’s plans include buying or selling a home? Your broker can keep you up to date on the latest trends and help you create a plan to meet your goals. Let us know how we can help. VIEW FULL SNOHOMISH COUNTY REPORT This post originally appeared on
As we head towards the end of the year, the housing market traditionally slows down. This year activity was even slower than normal, with record-low inventory and correspondingly fewer sales. Prices aren’t appreciating at the pace they were in the spring, but they continue to be up as compared to a year ago. While potential home sellers usually wait until after the holiday season to list their homes, those who opt to put their home on the market now can count on strong buyer interest. With the number of buyers far outstripping supply, inventory is at historic lows. King County as a whole has less than two weeks of inventory. The supply of homes is especially strained on the Eastside where there was just one week of inventory at the end of October – 61% fewer homes were on the market than the same time last year. Snohomish County is starved for supply as well, with just over one week of inventory. The entire county had just 492 single-family homes for sale at the end of October. Strong buyer demand has kept prices steady. Most areas saw home prices increase from a year ago but remain fairly flat over the past few months. The median price of a single-family home in King County rose 11% from twelve months ago, increasing from $745,000 to $824,270. Within the county, the Eastside experienced the greatest gain. Home prices soared 30% to $1,365,000, inching above the previous all-time high of $1,364,000 set in June of this year. Prices in Seattle registered the smallest gain at 6%, up from $800,000 a year ago to $850,000. Homes that sold in the North, Southeast and Southwest parts of the county saw price gains ranging from 16% to 20%. Buyers may find some relief with condominiums. The median price of a condo in King County was $459,970, an increase of 3% from the prior year. Tight inventory kept prices strong in Snohomish County. The median price of a single-family home jumped 20% in October to $695,000. Like most of King County, home prices In Snohomish County have been fairly flat over the past few months. Have home prices plateaued? Will strong buyer demand continue? The real estate market can change quickly. Whether you’re looking to buy or sell, your broker can provide you with the most current data so you can make the best decision for your situation. Let us know how we can help. VIEW FULL SNOHOMISH COUNTY REPORT This post originally appeared on
Price appear to be cooling, according to Windermere Chief Economist Matthew Gardner. In King County, the median list price was lower in August than in July, and the median sales price also dipped slightly from the prior month. “I believe this is because we are hitting a price ceiling and that the rabid pace of home price appreciation will continue to cool as we move through the rest of the year,” said Gardner. While up by double digits year-over-year, home prices in August did cool off slightly throughout the region as compared to July. The median single-family home in King County last month sold for $850,000, up 14% from a year ago, and a drop from the record-high $871,000 set in July. Seattle saw the median price rise 6% from a the same time last year to $875,000, down from $896,500 the prior month. Home prices on the Eastside were up 24% year-over-year to $1,300,000, a dip from the $1,330,563 median price in July. Snohomish County’s median price jumped 25% from a year ago to $694,900, just shy of July’s median of $700,000. While a slight softening of home prices may be welcome news for buyers, inventory is still a big problem. King County has under three weeks of available homes for sale. Lack of inventory is especially severe on the Eastside. At the end of August there were just 278 homes for sale in the entire area, 62% fewer than the same time a year ago. And 85% of homes sold in less than two weeks. As companies continue to invest in large office projects on the Eastside, demand for homes is expected to continue to rise. Snohomish County reported the smallest supply of homes of any county in Eastern Washington, about two weeks. The Puget Sound area as a whole remains well below the four-to-six weeks of inventory that is considered a balanced market, favoring neither buyer nor seller. An uptick in condo sales indicates that in-city living is on the rise again. In King County, the number of closed sales were up 20% in August compared to a year ago. The median condo price on the Eastside rose 14% to $544,000. The supply there remains tight, with just two weeks of inventory. Seattle offers much more choice, with six weeks of inventory available. Condo prices there dropped slightly year-over-year to $480,000. With Amazon looking to hire 12,500 corporate and tech employees in Seattle, demand for in-city living there is predicted to remain strong. As single-family home prices have soared, condo living remains an affordable option for those wanting to live close to urban centers. At $460,000, the King County median condo price is 46% less than that of a single-family home. The real estate market can change quickly. Whether you’re looking to buy or sell, your broker can provide you with the most current data, and help you create a strategy to meet your specific goals. Just reach out and let us know how we can help. VIEW FULL SNOHOMISH COUNTY REPORT This post originally appeared on
The typical summer slowdown brought some good news for those looking to buy a home. While prices are still on the rise, there are more homes to choose from and multiple offers are down as compared to earlier this year. This easing, however, is slight, and the market continues to be very competitive for buyers. While there was a small increase in homes for sale in July, inventory remains very tight. The region as a whole has just about a two week supply. And demand isn’t likely to ease up any time soon. The economy here is strong, and despite plenty of talk of an urban exodus due to the pandemic and the rise of remote work, our population grew steadily over the past year. The blistering competition may have cooled a bit, but home prices are still heading up. The median single-family home in King County last month sold for a record-high $871,000, up about 20% from last July. In Seattle, the median price jumped 11% from a year ago to $896,500, down from a $919,000 peak in May. Home prices on the Eastside shot up 32% year-over-year to $1,330,563, just shy of the record set in June. Lack of inventory has propelled the particularly steep price hikes, with 90% of homes there selling for over list price. At the end of July there were just 350 single-family homes for sale on the Eastside. Seattle had more than double that amount of inventory. The limited supply of homes in Snohomish County also sent prices soaring. The median home there sold for $700,000, a 22% jump from a year ago, but down slightly from the all-time high in June. Condos remain a more affordable option. And with employers saying that they’ll want employees working in the office at least part-time, an increase in condo sales indicate that buyers are looking at in-city living again. More plentiful inventory gives buyers more choices as well. The Eastside has about three weeks of available condo inventory; Seattle nearly two months. The median condo price on the Eastside was up 12% over a year ago to $558,000. Seattle’s median price was essentially unchanged from last year at $492,000. What’s happening in your neighborhood? Whether you are thinking of buying or selling — or just curious — your broker can provide you with the latest data about specific neighborhoods and answer any questions you might have about home prices, financing, and strategies to help you meet your goals. The charts below provide a brief overview of market activity. Every Monday, Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here. VIEW FULL SNOHOMISH COUNTY REPORT This post originally appeared on
“Even after the close of the house and the delivery of the keys Jan continued to be there for us. She made sure everything we needed was taken care of. The unanswered questions, people to come to the house to prepare for the move in, electricians, painters, etc. It wasn’t over until we felt it was over. She is very thorough in her explanation of things, clear details on how things were going. This comes with years of experience. Thank you Jan for your dedication to the process and then some.” Anne C and Kevin K “Jan helped us in multiple occasions, from buying a house twice, selling our property and to rent two properties. She has been by far the best agent I worked with, always one step ahead and preparing me for each step along the way. She makes the process look and be so much easier!” Luiz “If you are looking for a realtor of integrity, kindness, tenacity in finding just the right home, and most importantly the art of negotiation Jan Patton is the one and only that would meet all of the criteria and much more. I can not say enough kind words about Jan. She was my property manager, sell one home and buy two on different occasions. She was right there with a prompt answer anytime I reached out.” Lauri Is there finally hope for homebuyers? The number of listings rose slightly throughout the region in June, but it’s not clear if that trend will continue. Supply is still far short of demand, and the Puget Sound region remains one of the hottest housing markets in the country. Despite the uptick in inventory, many homes continue to sell within days and for over asking price. As tech companies like Amazon and Microsoft lease large office spaces and hire thousands of employees, demand for homes in our region isn’t expected to lag any time soon. With more buyers chasing a limited supply of homes, the market still heavily favors sellers. The median price of a single-family home in King County rose 19% from a year ago to $860,000, down slightly from the all-time high of $869,975 set in May. Seattle saw home prices increase 11% year-over-year to $890,444, also down from May’s record price of $919,000. Home prices on the Eastside, however, continued to trend up. The median home price in June soared 40% over last year to $1,364,000, surpassing the previous high set in March. With inventory the tightest of any area of King County — the Eastside had just 288 homes for sale at the end of June — prices are expected to remain strong. Snohomish County also hit new records, with the median home price jumping 32% over a year ago to an all-time high of $716,000. The number of homes for sale in the county declined more than 44% from a year ago, leaving it with only about 10 days of inventory, the lowest of all the counties served by Northwest MLS. Much of the demand is being driven by buyers who can continue to work from home, and are opting to buy outside of King County where housing is more affordable. Condos are another more affordable option for buyers wanting to stay in King County. Condo inventory is relatively more plentiful, and prices aren’t escalating at the same pace as other homes. And the median price of $462,500 is nearly half that of a single-family home. As a result, condo sales here continued to boom, with closed sales up 79% over the same time last year (that compares with a 39% increase in the sale of single-family homes for the same period). Market shifts can happen quickly, and your best strategy is to be well informed. Whether you are thinking of buying or selling, your broker can provide you with the most up-to-date statistics for your specific neighborhood and price range, and help you create a plan to get the best deal possible for your individual needs. The charts below provide a brief overview of market activity. Every Monday, Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here. VIEW FULL SNOHOMISH COUNTY REPORT
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