Market Update — August 2022

With the data from July 2022 in, here’s a snapshot of the key aspects of the local market. The data is collected from Northwest Multiple Listing Service (NWMLS):

• Median price: The median closed price for residential homes and condos increased by 6.1% year over year (YOY) to $625,000. Since our buyers typically buy properties in King, Snohomish, and Pierce Counties, here’s the YOY median closed price increase in these counties:

  • King: 10.1%

  • Snohomish: 20%

  • Pierce: 16.7%

• New construction: 679 new construction homes were sold in July 2022. The median sale price of new construction homes was $809,000, which is up by 19.5% since July 2021.

• Months of inventory: At the current rate of sales, it’ll take 2.01 months for every listed home to sell. This number was 0.73 in July 2021. To put these numbers in context, note that the months of inventory for a balanced market is considered to be 4 to 6 months. This underscores the persistent shortage of supply relative to demand. It seems the market is inching toward stability although homes are still under-supplied.

• Homes sold: 7,645 homes were sold in July 2022. This translates to a dollar value of $5.86B.

• New listings: 11,805 new listings were added to the NWMLS database. This is a decrease of -8.6% from July 2021.

The observation from the field is that buyers still have to compete with other would-be homeowners, and depending on the property, some sellers are receiving offers over their asking price.