JUNE 2023
REAL ESTATE NEWSLETTER
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The Big 3 Are All Down: Mortgage Rates, Sales, And Now Home Prices? Really?
May 2023 was a Seller's Market!
The number of for sale listings was down 1.4% from one year earlier and up 11.6% from the previous month. The number of sold listings decreased 30.4% year over year and increased 20.1% month over month. The number of under contract listings was up 19.8% compared to previous month and down 20.5% compared to previous year. The Months of Inventory based on Closed Sales was 1.4, up 41.1% from the previous year.
The Average Sold Price per Square Footage was up 1.3% compared to previous month and down 7.5% compared to last year. The Median Sold Price increased by 2.4% from last month. The Average Sold Price also increased by 1.5% 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 downward trend, an increase of 181.8% compared to previous year. The ratio of Sold Price vs. Original List Price was 99%, a decrease of 5.7% compared to previous year.
REAL ESTATE MARKET NEWS
In Washington state, home buyers experienced the largest number of available listings last month since December. Both pending and closed sales reached their highest levels in months. Although brokers at Northwest Multiple Listing Service (NWMLS) welcomed the increased activity, they noted that rising interest rates are dampening overall market engagement.
The statistics from Northwest MLS for May reveal that the median price for the entire area stands at $615,000, showing a 6.8% decrease from the figure recorded a year ago, which was $660,000. However, there has been a significant 10.4% increase since January, when the median sales price was $557,250. These figures encompass sales of both single-family homes and condominiums across 26 counties.
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INVESTOR CORNER
LIST OF VETTED CONTRACTORS
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EVENTS AND HIGHLIGHTS OF JUNE
If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the market update.
OR if you would like more information on our unique systems and programs, call us at 425-236-6777 or visit our website www.GeorgeMoorhead.com
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