Washington State NWMLS Market Snapshot for February 2022

NWMLS 02-22

Multiple offers “the norm” for home buyers, but may ease with uptick in listings

Multiple offer situations are the norm for today’s home buyers, but some brokers with Northwest Multiple Listing Service suggest February’s improving inventory and a slowing pace of price increases may ease some of the competitive pressures.

Commenting on the latest statistical report from Northwest MLS, representatives of the service expressed optimism for the housing market as pandemic-related restrictions ease, but also uncertainty due to the global economic crisis around Russia’s invasion of Ukraine.

Northwest MLS brokers added 7,920 new listings to inventory during February, a 6.8% improvement from a year ago, and a gain of more than 33% from January’s total of 5,927. Pent-up demand led to big month-over-month gains in pending sales and more shrinkage in overall supply.

Sellers system-wide accepted 7,697 offers on their homes during February, about the same number (7,724) as a year ago, but a 21% jump from January’s volume of pending sales (6,350). Fourteen of the 26 counties in the MLS report had fewer pending sales than a year ago, a likely consequence of tight supply.

Closed sales also reflected 2022’s slower start compared to a year ago. Member-brokers logged 5,147 closed sales during February, a drop of 665 units (down 11.4%) from a year ago. This year’s volume of completed transactions through February is lagging year-ago totals by 12.6%.

Prices continue to trend upward. The area-wide median price for last month’s closed sales of single family homes and condominiums was $585,000, up 14.3% from a year ago, and up 5.4% from January.

Prices for single family homes (excluding condos) rose at a smaller rate, about 12.2%, increasing from $535,000 a year ago to $600,000 last month.

Industry analysts believe conditions will probably continue to favor sellers.

At the end of February, there were 3,461 total active listings in the MLS database, up from January’s total of 3,092 for a gain of nearly 12%, but down about 19.5% from twelve months ago when inventory included 4,298 listings of single family homes and condominiums.

Measured by months of supply, there was about 19 days (0.67 months) at the end of February. That was the highest level since September 2021 when the MLS reported 0.75 months of supply.

Watch the 1.5 minute market report video

Source: NWMLS 3/7/2022

28624 27th Pl S, Federal Way, WA 98003

$429,950

3 bedrooms; 1 bathroom; 1,000 square feet

Don’t miss this super cute rambler on a large lot! You’ll appreciate the newer roof, windows, gas furnace, new blinds and some fresh paint & light fixtures. Absolutely move-in ready! The 1 car garage can be converted to a 2 car garage or used as-is w/ a large workshop area or storage for toys. The large, level & fully-fenced backyard features a double gate on one side w/ space for a small boat or trailer. There’s tons of space to garden; water spigots around the yard & the tool storage make it convenient. You & your guests will enjoy plenty of parking, including the paved area in front/off-street. Additional features include garage access via the dining rm, washer/dryer in the hall, a gas water heater & hardwood flrs in the dining & bedrms.

Property Flyer

360 degree / 3D Home Tour

Listing Commercial

Sold 4/13/22 for $475,000

25819 129th Pl SE, Kent, WA 98030

$619,950

4 bedrooms; 2.75 bathrooms; 1,660 square feet

Don’t miss this bright, beautiful, updated home! You’ll love the new windows that provide lots of natural light, and the vaulted ceiling in the living & dining rms. You’ll appreciate the new laminate floors through-out, and the updated kitchen with new cabinets, counters, large & deep sink, and appliances. Features also include 3 updated bathrms, a newer gas furnace & water heater, a deep garage with storage area, frig that stays & garden shed. This tri-level offers a family rm, bedrm & 3/4 bath with new shower downstairs. You’ll enjoy the large fully-fenced yard with many options: BBQ & entertain on the large patio, there’s plenty of room to roam & play games, as well as garden. Simply add some finishing touches to make this your own home!

Property Flyer

360 degree / 3D Home Tour

Listing Commercial

Sold 4/19/22

RE/MAX National Housing Report for January 2022

NHR 01-22

Prices Remain Steady as Home Sales Decline Seasonally and Inventory Stays Low

January home sales dropped 31.4% from December’s total – a decrease slightly more than the seasonal norm – as inventory shrank for the sixth consecutive month. Year over year, sales were down 5.3% from January 2021.

A December-to-January decline in home sales is typical and expected. In the past five years (2017-2021), the average drop in home sales between the two months was 28.0%.

Across the 51 metro areas in the report, the Median Sales Price remained steady as January was the second month in a row of little-to-no month-over-month price increase. January’s Median Sales Price equaled December’s $335,000, which was only $5,000 below the report’s all-time high of $340,000 set in October 2021. However, year-over year price increases remain steep as January’s price was 15.9% higher than a year ago.

Inventory remains historically low. November, December and January have each reset the mark for lowest inventory (in terms of units) in the last five years. Similarly, January’s 1.2 Months Supply of Inventory matched the low reached in May 2021. There were 1.9 months supply of inventory a year ago.

Read the full article

Watch the 40 second summary video

Spokane Association of Realtors® Home Sales Report for January 2022

Source: SAR MLS 2/22

Washington State NWMLS Market Snapshot for January 2022

marketsnapshot

Northwest MLS brokers see signs of busy spring market despite slow January

A frigid first week of January, surges in coronavirus cases, and depleted inventory were among factors brokers from Northwest Multiple Listing Service cited for last month’s slower than year-ago sales.

In newly released statistics for January, the MLS reported 6,350 pending sales of single family homes and condominiums during January, about 1,000 fewer the same month a year ago for a drop of 14%. The year-over-year (YOY) number of closed sales also fell, dropping from 5,896 completed transactions to 5,085 for a decline of nearly 13.8%).

Broker-members added 5,927 new listings during January, nearly 1,000 fewer than the same month a year ago, but an improvement on December’s volume of 4,617. Only five counties reported YOY gains in new listings.

Last month’s pending sales outgained new listings to further shrink inventory. At month end the selection included a meager 3,092 active listings, down more than 30% from a year ago. There is about 2.5 weeks of supply (0.61 months) across the 26 counties served by Northwest MLS.

King County had the steepest drop in active listings, shrinking nearly 59% from a year ago, followed by Jefferson County, down 40%, and Snohomish County, down more than 35%.

A comparison of counties in the listing service report shows only about half of them have more than one month of supply, and these areas tend to be in more rural areas. King, Pierce, and Snohomish counties all have less than two weeks of supply. Kitsap County is slightly better with 0.58 months.

Last month’s prices were up nearly 14.9% from a year ago, climbing from $483,250 to $555,000. Five counties reported price gains of 30% or more, led by Okanogan at 46.3%. Other counties with price increases of at least 30% were Chelan, Kittitas, Pacific, and San Juan.

Watch the 1.5 minute market report video

Source: NWMLS 2/7/2022

Hot Home Trend: Paint it Black

Black is popping up everywhere in home design, from flooring to windows. Black feature walls also are trending. Matte black finishes have become popular choices for hardware, decor, and finishes.

Take a look at some of the latest trends:

Faucets and Fixtures

Matte black finishes are mostly found in kitchens and bathrooms, often up against a white background for a high-contrast look. It’s being used in both modern and more traditional spaces. Matte black is an easy-to-maintain finish: No need to polish!

Also, matte black is increasingly appearing against brass for an even trendier look, which you can get in one fixture. Kohler is now offering a faucet that is half brass and half matted black—two finishes in one.

Black-Framed Windows

Windows are coming to the forefront. A black window trim can add an industrial look to a space.

Black Accent Walls

Few paint jobs are bolder than painting a wall black. But up against lighter colors, a black feature wall could provide drama to liven up your space.

Black Doors

A black front door can add some luxury to a home’s curb appeal. Black doors on white homes create a trendy farmhouse style, but the look can work on other home styles, too.

Source: Realtor® Magazine

What’s Trending in Kitchens for 2022?

The kitchen is the heart of the house where everyone congregated during the pandemic, and it’s still the go-to room for multiple functions—that means it keeps changing.

The kitchen became an even more significant heart of the home during the pandemic as the focal point for gathering, working, entertaining, and, of course, cooking, says Joe Fava, CEO of Fava Design Group in Miami. Now, homeowners are putting more into their kitchen space—literally. They’re buying larger refrigerators, freezers, and sinks, and second dishwashers and ovens, he says.

Homeowners are entertaining and cooking even more at home, and the price tag reflects their exuberance. Those who can afford to do so spend upwards of $100,000 on kitchen upgrades. But your clients don’t have to pay that much to get a kitchen they love. Much smaller, less costly improvements can make any kitchen more appealing.

Read more…

Source: Realtor® Magazine

RE/MAX National Housing Report for December 2021

NHR 12-21

Strong December Caps 2021 As Busiest Home-Buying Year in Report History

Near-record December home sales cemented 2021 as the busiest year for home buying in the 14-year history of the report, while also setting records for smallest inventory and highest average home prices. On an annual basis, 2021 finished with nearly 10% more home sales than the previous record year of 2020.

Across the 51 metro areas in the report, December 2021 home sales were the second highest for the month in report history, trailing only December 2020. Despite the strength in home sales, December sales defied recent month-over-month moves. December 2021 home sales were actually down 0.8% from November, which had an unusually high total. In contrast, the November-to-December average change for the five-year period from 2015-2019 was an increase of 3.5%.

December home transactions could have been even stronger had it not been for record-low inventory. The year 2021 ended with the smallest number of homes for sale in the 14-year history of the report. December inventory dropped 23.6% from November – the previous record low – and 33.3% year over year. The 10 months with the lowest inventory in report history all occurred in 2021.

December’s 1.2 Months Supply of Inventory was an all-time low and tied the report record set in May 2021. There were two months supply of inventory a year ago. Homes spent an average of 31 days on the market in December – two more than November, but seven less than a year ago.

At the same time, December’s Median Sales Price of $335,000 was up 1.4% over November and 11.5% year over year. The November-to-December increase is slightly higher than the 1.2% average for the five-year period from 2015-2019. While the highest average sale price of the year typically is reached in early or mid-summer, October’s $340,000 was the highest in 2021 and in report history.

Read the full article

Watch the 40 second summary video

Spokane Association of Realtors® Home Sales Report for December 2021

The Spokane market continues a sales pace similar to last year and to have more demand than supply, however inventory is beginning to see modest growth.

Source: SAR MLS 1/22