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The final Q4 numbers are in! Matthew Gardner’s analysis of the Western Washington housing market is complete. Here are some key highlights:
- The ratio of pending sales (demand) to active listings (supply) showed sales outpacing listings by a factor of 5.2. High buyer demand is putting upward pressure on prices.
- Home prices rose 15.1% compared to a year ago, with an average sale price of $711,008. This was 2.1% lower than in the third quarter of 2021. Why? One factor could be…
- Mortgage rates rose more than .2% between the third and fourth quarters, which may have impacted prices. Affordability constraints continue to grow, which is also likely to have played a part in slowing gains. Remember, for every 1% increase in mortgage rates, purchasing power decreases by 10%. The reverse is true.
- All counties contained in this report saw the average time on market drop from the same period a year ago. Every county except Whatcom saw market time rise compared to the third quarter. This lengthening in Q4 is likely due to seasonality.
Overall, the market remains solidly a seller’s market, mainly due to good old Economics 101: Supply and Demand. With demand far outpacing available supply, prices have strong upward pressure. We are still seeing multiple offers, short market times, and waived terms.
If you are thinking of buying or selling, call me! If you are a seller, I will help you net the most money and best terms. If you need to buy, I will help you develop a strategy to get you under contract quickly. This can can save you thousands in the long-term.
For Matthew’s full report, click this link: https://bit.ly/3I3BNms
