February 2023 Seattle Residential Real Estate Market Recap
Contrary to local news headlines… our Greater Seattle Metropolitan area residential real estate market is doing mightily fine. But… don’t take my word for it. Check it out for yourself. To truly understand what I am referring to, let’s dig into the details.
Below we are recapping the February 2023 residential real estate market in three distinct areas … specifically in the $750,000 to $1,500,000 price ranges, for single family homes only.
- Core Eastside,
- Core Seattle Metro, and
- Southwest Snohomish County
Data source: Northwest Multiple Listing Service on MAR 8, 2023 (See Legend at bottom of page)
While there are a lot of numbers jumping out at you from the table above, here are the four main take aways:
1.) The number of Pending Sales (which is a real-time indicator of Buyer Demand) is going up, illustrated with the strong numbers above.
2.) The Average Days on the Market for Pending Sales is going down:
- Core Eastside – Down from 59 in January to 46 in February
- Core Seattle Metro – Down from 45 in January to 41 in February
- South Snohomish County – Nearly on par with January, 51/52 respectively.
3.) The Inventory level (# months supply – based on Pended Sales) is going down, shown JAN to FEB below:
- Core Eastside – 0.9 month’s down to a 0.6 month’s supply
- Core Seattle Metro – 1.2 month’s down to a 0.9 month’s supply
- South Snohomish County – 1.3 month’s down to a 0.7 month’s supply
4.) Despite the recent increase in mortgage interest rates (30 year fixed-rate nation al average is 7.05% today), Buyer Demand is still increasing in the face of limited inventory.
Keep in mind, we dove deep into the details for 3 specific markets and within a limited price range of $750,000 to $1,500,000. The complexion of the market can and will vary dramatically depending upon area, property type (single family homes, multi-family, condominiums, and vacant land).
If you would like a better understanding of the real-time market activity and market trends for your area, please email or text us and we will be happy to take time to understand your particular interests (even if you’re just curious) and provide you with an in depth market analysis and report for your area and property profile.
PEND = Pendings (initiated when Buyer/s and Seller/s have agreed to all terms in Agreement, with no intermediate contingencies) – Real-time indicator of Buyer Demand
P Inspection = (initiated when the sale agreement includes an inspection contingency… typically 3-7 day contingency)
Avg. DOM: Average Days on Market – Best measure of the pace of the market
SP%/OLP: Final Sale Price percentage to Original Listing Price – Best measure of “competitiveness” (heat) of the market
Eastside Core: (Bellevue, Kirkland, Redmond, Sammamish, Issaquah)
Seattle Core Metro: West Seattle + Downtown Seattle north to 145th, Puget Sound shoreline east to Lake WA shoreline
Southwest Snohomish County: Roughly Edmonds, Lynnwood, Mulkiteo, Everett, Bothell, Woodinville