Northwest Multiple Listing Services, which covers 26 counties in Washington state, has released a data analysis of its local market during January 2023. The MLS and quoted professionals paint an improving outlook for Washington real estate, citing an increase in transaction volume during the month.

Key details: 

  • Pending sales in January 2023 reached their highest level since October, 2022, and were up 44% from the preceding December. While 5,776 mutually accepted offers was a 9% drop year over year, brokers are encouraged by the “favorable spike.”
  • Closed sales in January 2023 edged up 0.41% year over year; nine of the 26 counties had year-over-year price bumps.  
  • The area-wide median price on January’s 3,264 completed transactions was $557,250; a year ago, when there were 5,085 closed sales, it was $555,000.
  • Based on the number of total active listings in the MLS database, the selection of properties reached 8,220 listings at January’s end, compared to 3,092 the previous year. That total, which includes 7,179 single-family homes and 1,041 condominiums, was down about 13.2% from December’s selection.  
  • Brokers added 4,925 new listings to the MLS database in January, a year-over-year decline of about 1,000. However, this represented an increase from December when 2,980 properties were added, as well as November, when 4,890 listings were added.  
  • Adams, Columbia, Grays Harbor, Okanogan and San Juan counties each had more than six months of inventory. 
  • 10 counties had less than three months of supply.
  • The densely populated counties of King, Pierce, and Snohomish all still sit at one to two months of inventory.

Read more HERE.

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