As we head into 2023, we look back at the last six months in real estate during which the market experienced a significant shift. A changing economic picture slowed transactions and reset pricing expectations. Take a look at what happened over the fourth quarter in our reports below. While certainly a different real estate landscape from one year ago, there are many positives to be found toward making the next steps for your investment, lifestyle, and of course, your home.
Seattle | Single-Family Homes
The market has shifted, but in Seattle, homes are still in demand, and these numbers are much more reminiscent of our pre-pandemic statistics.
Eastside | Single-Family Homes
In mid-2020, we started seeing incredible gains in the market, and on the Eastside, we witnessed year-over-year median sold price gains of 20% to nearly 40%. The reality of gains like this, however, is that they couldn’t continue indefinitely. In the fourth quarter, the median sold price fell by 5% year-over-year, with the average price per square foot also down by just over 4%.
Mercer Island | Single-Family Homes
The last six months have seen a shift in the real estate market and have forced many sellers and buyers to realign their expectations. But these numbers suggest that while homes are on the market longer, and there is much more inventory available, the value of a Mercer Island home is still above and beyond their “comparable” communities on the Eastside and in Seattle.
Bainbridge Island | Single-Family Homes
While prices did see gains year over year, the trend-lines are relatively flat. There’s a resetting of expectations here. As one of the biggest shifts from 2021, the average time a home listed for sale on the market was 37 days.
Seattle | Condominiums
Those interested in Seattle’s condo market should be aware of some key differences from its residential market. For sellers, listings continue to move at a slower pace than single-family homes in the same area.
King County | Single-Family Homes
While King County favors sellers with two months of inventory, the outlook for buyers is far more positive than it was nearly a year ago when only .3 months of available inventory.
Pierce County | Single-Family Homes
The sales price growth for the fourth quarter, in both average price per square foot and median sales price, saw an uptick of less than a single percentage point.
Snohomish County | Single-Family Homes
A year ago, a listing was on the market for two weeks on average before finding its buyer. The average time for a listing to be on the market in Q4 2022 was 37 days.
Kitsap County | Single-Family Homes
(Excluding Bainbridge Island) The median sold price of a single-family home is up just 1.84% while the average price per square foot is down .91% year over year.
Skagit County | Single-Family Homes
This flattening of the trend-lines year over year is not necessarily a sign of an incoming price drop, as a few key factors keep the market in step with the boom we’ve experienced over the last two years.
Island County | Single-Family Homes
Fewer homes sold in the area compared to this time last year, and as a result, inventory is up, too.
Whatcom County | Single-Family Homes
This data suggests that sellers are still in a good position, but should be prepared for their property to be on the market for over a month, as well as make considerations that could persuade the right buyer.
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