Has the Seattle real estate market improved? Seattle is part of the NWMLS. While pending sales across the NWMLS are still down 9% from last January, the market has shown resilience to begin 2023. For example, pending sales in January are up 44% over December. In addition, prices in January are up 0.41% when compared with last January. The improved market seems to correlate with the recent interest rate drop. Interest rates peaked in November with a Freddie Mac U.S. weekly average of over 7%. Last week, that number was 6.09%.Inventory is up from the historically low numbers from a year ago. This January ended with 8,220 active listings versus 3.092 a year ago. Nevertheless, across the NWMLS inventory is only 2.52 months which is still a sellers’ market. Four to six months is an ...
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