Seattle Real Estate Has It Improved?
By J. Casey Losh, CEO
(Ewing and Clark)
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 ...