MARCH 2023
REAL ESTATE NEWSLETTER
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425-236-6777
The Real Estate Market vs Mortgage Rates Duking It Out!
February 2023 was a Seller's Market!
The number of for sale listings was up 100.7% from one year earlier and down 13.8% from the previous month. The number of sold listings decreased 18.3% year over year and increased 29.6% month over month. The number of under contract listings was up 13.7% compared to previous month and down 15.9% compared to previous year. The Months of Inventory based on Closed Sales was 1.7, up 147.6% from the previous year.
The Average Sold Price per Square Footage was up 5.2% compared to previous month and down 4.2% compared to last year. The Median Sold Price increased by 2.4% from last month. The Average Sold Price also increased by 4% from last month. Based on the 6 month trend, the Average Sold Price trend was "Neutral" and the Median Sold Price trend was "Neutral".
The Average Days on Market showed a upward trend, an increase of 150% compared to previous year. The ratio of Sold Price vs. Original List Price was 94%, a decrease of 10.3% compared to previous year.
REAL ESTATE MARKET NEWS
Open house traffic has been brisk around Western Washington, signaling the start of the spring market, suggested brokers at Northwest Multiple Listing Service. They noted softening prices are enticing some would-be buyers, while others remain on the sidelines hoping fluctuating mortgage rates will stabilize or decline.
Newly released statistics from the MLS for February show upticks in new listings, pending sales, closed sales and median prices compared to January, but when compared to the same month a year ago, figures for those metrics declined.
REAL ESTATE TIPS
INVESTOR CORNER
LIST OF VETTED CONTRACTORS
YOU CAN CALL IN TIMES OF NEED
EVENTS AND HIGHLIGHTS OF MARCH
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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