SEPTEMBER 2022
REAL ESTATE
MARKET UPDATE
August 2022 is a Seller's market! The number of for sale listings was up 100.2% from one year earlier and down 4.8% from the previous month. The number of sold listings decreased 24.1% year over year and increased 8.7% month over month. The number of under contract listings was up 13.9% compared to previous month and down 20.5% compared to previous year. The Months of Inventory based on Closed Sales is 1.8, up 159.4% from the previous year.
The Average Sold Price per Square Footage was down 3.4% compared to previous month and up 3.3% compared to last year. The Median Sold Price decreased by 4% from last month. The Average Sold Price also decreased by 3.8% from last month. Based on the 6 month trend, the Average Sold Price trend is "Depreciating" and the Median Sold Price trend is "Depreciating".
The Average Days on Market showed a upward trend, an increase of 64.3% compared to previous year. The ratio of Sold Price vs. Original List Price is 96%, a decrease of 7.7% compared to previous year.
Reports that we are entering a "bear market" are highly exaggerated, suggests an economist who tracks real estate activity when commenting on the latest statistics from Northwest Multiple Listing Service (NWMLS). A director with the multiple listing service said the latest data may just reflect a typical August, noting activity tends to be slow as summer ends. As mentioned by one of the Northwest MLS board of directors, "Many may not remember August is usually a slow month because we were in a full-on sprint the last two years no matter which month it was. This may just be an adjustment back to normal."
In a report summarizing August activity, Northwest MLS figures showed a continued buildup of inventory - nearly double the selection of a year ago and more than three times the offerings at the end of the first quarter.
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