NO! The Real Estate Market Has Not Crashed 51%!

November 2022 is a Seller's market! 

The number of for sale listings was up 171.3% from one year earlier and down 14.1% from the previous month. The number of sold listings decreased 43.1% year over year and decreased 17.6% month over month. The number of under contract listings was down 15.9% compared to previous month and down 38.4% compared to previous year. The Months of Inventory based on Closed Sales is 2.4, up 382.2% from the previous year.

The Average Sold Price per Square Footage was down 3.3% compared to previous month and down 1.4% compared to last year. The Median Sold Price decreased by 0.8% from last month. The Average Sold Price also decreased by 2.6% 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 105.6% compared to previous year. The ratio of Sold Price vs. Original List Price is 94%, a decrease of 7.8% compared to previous year.

REAL ESTATE MARKET NEWS

November statistics from Northwest Multiple Listing Service surprised few brokers. They point to holidays, inclement weather, and various economic factors for prompting pauses in listing and sales activity. Nonetheless, several industry leaders commented on positive signs, fueled in part by pent-up demand and evidence of easing inflation pressures.
Determined buyers are purchasing homes, with pent-up demand driving the market. Sellers who price to the market are attracting showings and receiving good offers. To note, King County experienced an average of 55 sales per day last month, with year-over-year (YOY) median prices in King County up $10,000, rising from $740,000 to $750,000.

If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the market update.

OR if you would like more information on our unique systems and programs, call us at 425-236-6777 or visit our website www.GeorgeMoorhead.com

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