Current Real Estate Market June 7, 2022

Q1 2022 Western Washington Gardner Report

First quarter real estate numbers are in for Western Washington! Here are a few key highlights:

  • Inventory and sales volume levels are lower in most counties compared to one year ago
  • Pending sales outpaced listings by a factor of 6.7. This means that houses sold 6.7 times faster than they came to market
  • Prices continued to rise, averaging 16.4% higher in the year-over-year for a new average price of $738,152
  • During the first quarter, inventory was scant relative to the number of buyers which drove prices up
  • Mortgage rates were 3.11% at the end of 2021 and have started to creep up. In the first quarter of 2022, they jumped 1.5% which is the largest quarterly increase since 1987
  • Average days on market were 25. This number varied depending on county, price point, and type of housing
  • Snohomish, Pierce, and King counties showed the biggest drops in days on market
  • Matthew’s takeaways: These numbers do not suggest lowered demand despite rising interest rates, however headed into spring this could change. The biggest indicator to watch is list prices: When they start to drop, it could signal a market shift
  • Update: Recent large increases in interest rates and more inventory suggests we are currently experiencing a market shift hinted at by Matthew

For the full report, click here: