The housing market is improving, as evidenced by multiple offer returns and rising mortgage rates. 5.8 percent mortgage rates are also continuing to rise. You will receive the most recent updates on changes to mortgage rates and offers, and this report will also provide a summary of the most current market conditions. Have a look at this report for the most up-to-date information and findings that can be found!
Running Seven-Day Average
The seven-day moving average, as its name suggests, represents market movement over the preceding week. It provides us with timely information, accurately anticipates near-term trends, and picks up on environmental shifts months before they are typically addressed in annual reports. You can see the weekly average as of February 12th below.
New Listing — 734
Listing Sold — 601
Listing Pending — 1317
Back on The Market — 115
List Price Reduced — 294
Listing Expired — 33
List price Increased — 84
Contingent — 19
Listing Cancelled — 76
This month saw the addition of 734 new listings, as seen in the data above. If you’ve been keeping up with our reports, you know that this number is up from the 600s where it was last month. We expect this figure to continue rising, eventually peaking between 1800 and 2000.
The same holds for our pending listings, as it is plain to see that for every home that enters the market, two others leave it. As a result, supply is falling; if this trend continues, the market will become unstable due to an influx of competing offers and a consequent price rise.
In comparison to last month
See how the numbers from last week stack up against the previous months in the table below.
- The average number of available homes has decreased by 12.2 percent.
- Increase in active listings by 67.4%
- Listings are selling at a 35.9% higher rate.
- More homes were under contract, up 74.1%.
Compared To February 2022
Putting this week’s real estate numbers next to those from the same time last year, the outlook is bright.
- Because of this, there are now 124,9% more homes for sale than there were a year ago.
- New listings have dropped by 28.5%.
- Overall, 16.1% fewer listings were sold than in the previous year.
- We see a decline of 7.6% in the number of houses under contract.
The luxury real estate market in WA is hot right now, so this should serve as your official notice to either buy or sell.
Compared with Last Year
When we looked at the numbers for February 2023 and February 2022, we found the following:
- Because of this, there are 124,9% more homes now than there were a year ago.
- There are 19.5% less new listings than there were before.
- The number of homes that sold went down by 29.7%.
- We see a decline of 5.7% in the number of houses under contract.
Keep in mind that these figures may shift as the year progresses, but if we stay moving in this way, sales will continue and slowly improve, exactly as we projected.
Buyers Returned, Pushing Rates to The Upper 5%.
In the current real estate market, buyers are continuously returning to the market, pushing rates upward to the upper 5s. This has caused a decrease in inventory and an increase in prices. The increased demand is resulting in higher costs for sellers needing help to recoup their investments while still making a profit.
Despite the high-interest rates, buyers still returned to the market because they knew there was a good chance of finding their dream home. The competition among buyers caused prices to go up quickly, leading to more money being spent on houses. As a result, homeowners could sell their homes for a higher price than they would have thought possible just a few years ago.
Dwindling Inventory
Inventory is dwindling in the Washington real estate market. It’s no secret that interest rates are still up, making it expensive for buyers to purchase homes. Furthermore, many sellers are now willing to offer better prices as a result of this increased competition. This has led to increased offers from buyers eager to get their hands on these desirable properties.
To Sum It All Up
Ultimately, some homeowners are seeing multiple home offers, which means the market is heating up. This month, the average mortgage rate hit 5.8%. Remember that rates could change any time, so be sure to shop around and compare rates before making a decision.
