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Monday, March 20, 2023
Monday, February 20, 2023
NEW! 1 level-2 Bed, 1 Bath Condo in Ravenwood Condominiums for sale!
One level-2 Bed, 1 Bath Condo in Ravenwood Condominiums for sale. Unit#24 is towards the back corner of the community, has new interior paint and a fenced backyard. HOA dues are $250 per month & cover the care of the Security Gate, Water, Sewer, Garbage, & Common Area Yard care. The Fireplace in the living room has been capped & converted to Electric. Unit has Fridge, Built in Microwave, Dishwasher, Range& and laundry hookups. Sold As-is. More information at View Listing!
Tuesday, February 7, 2023
23034 SE Lake Wilderness Dr, Maple Valley
Call (425) 346-4249 for more information or visit: List For Flat Fee offer MLS Listing Service for $285 (list4flatfee.com)
NEW LISTING! 6966 Bailey St, Lacey, WA 98513
Welcome to the "Wellington" model by DR Horton, America's Number 1 Builder! Exceptionally-designed floorplan offering 3 bedrooms +bonus room+den and an awesome great room. Birch cabinets with crown molding, GE appliances, beautiful painted millwork, 2 car attached garage! Large, fenced rear and side yard, This is a must-see! Horizon Pointe offers 5 beautiful parks and is located just minutes to schools, shopping, and military bases! Home is move-in ready!
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Monday, February 6, 2023
REALTORS® publish 41st edition of research profiling buyers and sellers
First-time buyers made up only 26% of buyers in the 2022 profile of home buyers and sellers report from the National Association of REALTORS®. That marks the lowest share since the data collection reports began in 1981 and was down from the 2021 figure of 34%.
Census survey shows most new homes have 3 bedrooms, but lot size is shrinking
Source: NWMLS
Half the new single-family homes built in the Pacific division of the U.S. had 4 bedrooms, according to the Census Bureau’s latest Survey of Construction. This division, which includes Washington, Oregon, and California, ranks only behind the Middle Atlantic Census division (52.5%), the West South Central division (51.5%) and the South Atlantic division (50.1%) with 4-plus bedrooms.
The New England Census division had the lowest share (30.6%) of new single-family homes with at least 4 bedrooms.
Nationwide, 4 bedrooms accounted for 36% of new single-family homes. The largest share, with 44.5%, was 3 bedrooms. Homes with 5-plus bedrooms made up 10.3% of new homes in 2021, while those with 2 or fewer bedrooms comprised 9.2%.
Comparisons to 2020 show gains in homes with both 4 and 5+ bedrooms, while the share of new single-family homes with 3 or fewer bedrooms declined.
Not surprisingly, average prices have shown consistent increases. Nationwide, 30% of new single-family homes that sold in 2002 had prices under $149,999. In 2021, the figure was less than 0.5%.
In the West, about 16% of new home sales during 2002 had prices under $149,999, while Census figures for 2021 show 0% sold in that range.
Only about 4% of sales nationwide had prices of $500,000 or more in 2002, but the portion rose to 30% in 2021.
In the West, the portion of sales in the $500,000 and above segment accounted for 7% of sales in 2002, but it surged to more than half the sales (52%) in 2021.
The Survey of Construction also includes data on various characteristics of both completed and sold homes. Among the features in the data sets are air conditioning, lot size, outdoor features, square footage, fireplaces, and parking facilities.
The percentage of newly built sold homes with air-conditioning rose to 98%, up from both 2020 (96%) and 2000 (87%).
Outdoor features reflect mixed results.
The percentage of homes with a patio, porch, and deck has held steady at 4% when comparing 2021 with 2010. The portion with a patio only has increased from 18% in 2010 to 27% in 2021. Homes that sold with a deck only have had little fluctuations, topping at 6% in 2010 and declining slightly to 5% for most years thereafter, including 2021.
Homes with no patio, porch of deck accounted for 12% of sales in 2010, but only 8% of 2021’s sales.
A comparison of exterior wall materials shows wood was the most popular in 2001, with it being used on 26% of homes, followed by vinyl siding (24%). In 2021, stucco was the favored material, used on 31% of homes that sold. Brick proved to be the runner up at 24%.
Lot sizes have changed significantly going back to 1976. In that year, only 18% of lots measured 7,000 square feet or less, while 41% of single-family houses that sold were on lots of at least 11,000 square feet. For completed sales of new homes in 2021, 45% were on lots of 7,000 square feet or less. In 2021, only 22% of sales were on lots of at least 11,000 square feet:
Lot Size of New Single-Family Houses Sold Excluding Condominiums
(Components may not add to totals because of rounding. Percents computed from unrounded figures.)
Percent distribution
| 7,000 | 9,000 | 11,000 | 22,000 | ||
| Under | to | to | to | and | |
| Year | 7,000 | 8,999 | 10,999 | 21,999 | over |
| 1976 | 18 | 23 | 18 | 29 | 12 |
| 1986 | 33 | 18 | 11 | 26 | 12 |
| 1996 | 31 | 17 | 16 | 24 | 12 |
| 2006 | 35 | 18 | 15 | 20 | 12 |
| 2016 | 38 | 23 | 9 | 20 | 10 |
| 2021 | 45 | 25 | 8 | 15 | 7 |
Monday, January 23, 2023
Northwest MLS brokers tally 84,037 sales during 2022 valued at almost $64 billion
KIRKLAND, Washington. (January 18, 2023) – Northwest Multiple Listing Service members reported 84,037 sales of single-family homes and condominiums during 2022. Last year’s closings were valued at more than $63.8 billion, with single family homes accounting for about 90% of the total.
The activity in the Northwest MLS report reflects the work of nearly 34,000 brokers in more than 2,600 offices across 26 counties statewide. More than 83% of the state’s residents live in these counties.
The median price for last year’s completed transactions was $615,000, a gain of 8.85% from the 2021 figure of $565,000. In 2012, the median price was $245,000. For single family homes, last year’s prices rose more than 8.1% from 2021. Year-over-year condo prices jumped 11.3%.
Single family homes sales (72,866) accounted for 86.7% of the total number of transactions, with condos making up the remaining 13.3%.
Compared to 2021, there were 23,317 fewer sales (down 21.7%). Last year’s sales of homes and condos was the lowest since 2014. (The 2021 total of 107,354 closings was the first time the sales volume topped the 100,000 mark.) Based on dollar volume, the 2022 total was down about 15% from 2021 when sales were valued at just over $75 billion.
Brokers reported fewer pending sales during 2022 compared to 2021, with year-over-year volumes down about 21.5%. The number of mutually accepted offers fell every month last year, peaking at a drop of 40.4% in November compared to the same month a year ago. In December, year-over-year pending sales were down 31.3%.
Real estate analysts point to insufficient inventory and spikes in interest rates as factors for the decreases.
Lawrence Yun, chief economist at the National Association of Realtors, noted interest rates climbed to one of the fastest paces on record during 2022, commenting the jump “drastically cut into the number of contract signings to buy a home.”
During 2022, Freddie Mac’s mortgage market survey shows the rate on a 30 year fixed rate mortgage was 3.22 for the week ending 1/6/2022 and steadily increased to a peak of 7.08 in early November, before tapering off to a rate of 6.42 for the week ending 12/29/2022. Sam Khater, Freddie Mac’s chief economist, described the housing market as “hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates.”
Bloomberg cited higher borrowing costs and an uncertain economic outlook for keeping many potential buyers sidelined and suggested the Federal Reserve’s “aggressive tightening campaign to cool inflation has had an outsize impact on the housing market in 2022.”
Listing Activity
For last year’s buyers around Washington state, the selection of listings as measured by months of supply showed steady increases from the start of the year. In January, there was less than three weeks of supply (0.61 months). By December, inventory had improved to 2.09 months of supply. In 20 of the 26 counties in the Northwest MLS report, year-over-year inventory more than doubled.
On average, there were 10,075 active listings in the NWMLS database each month during 2022, improving on the monthly averages for 2021 (5,664) and 2020 (8,665), but well below most years since 2012, when the average number per month that year was 24,604.
Member-brokers added 110,294 new listings to the MLS database during 2022, down from the previous year’s volume of 117,948 (a drop of about 6.5%). Activity for new listings, including single family homes and condos, peaked in June with 14,223 additions.
Snapshot of Prices
Although there were fewer completed transactions (84,037) in 2022 than during 2021 (107,354), prices rose in all but one county (Ferry). Fourteen counties registered year-over-year double-digit gains.
For the MLS overall, prices escalated by double digits for the first six months of 2022 when compared to the same months a year prior. The price hikes moderated to single digits for the second half of the year, becoming essentially flat in December (-.051).
For 2022, the year-to-date median price of $615,000 was $50,000 higher than the figure for 2021 ($565,00) for a gain of nearly 8.9%. For single family homes (excluding condos), year-over-year prices rose more than 8.1%; for condos, prices jumped 11.3%.
Viewed by price ranges, Northwest MLS statistics show an upward shift. In 2022, about 29% of buyers paid less than $500,000 for their home, a drop from 2021 when 35.4% of buyers paid less than $500,000. In King County, only 8.2% of last year’s buyers paid less than a half-million dollars for their home.
At the other end of the spectrum, nearly one of every five sales last year (19.85%) fetched one million dollars or more. For 2021, the figure was just under 16%. In King County 35.7% of the sales were for $1 million-plus.
| Sales Prices, SFH + Condos | 2022 | 2021 | King Co, 2022 |
|---|---|---|---|
| <$299,999 | 4.87% | 5.93% | 0.31% |
| $300,000 to $499,999 | 24.27% | 29.43% | 7.87% |
| $500,000 to $749,999 | 33.63% | 32.94% | 31.89% |
| $750,000 to $999,999 | 17.38% | 15.81% | 24.23% |
| $1,000,000 to $2,499,999 | 17.97% | 14.38% | 31.62% |
| $2,500,000 & higher | 1.88% | 1.51% | 4.08% |
| TOTALS | 100% | 100% | 100% |
Northwest MLS brokers sold 14,317 single family homes priced at $1 million or higher, including 136 that sold for $5 million-plus. The highest priced sale, a waterfront home on Medina’s Gold Coast, commanded $23 million.
A total of 5,012 condos sold for a half-million dollars or more during 2022, including 1,045 condos that sold for $1 million or more. The most expensive sale, at $7,150,000, was for a penthouse in a high-rise building in downtown Seattle.
An analysis of prices by school districts revealed eight areas where median prices for single family homes topped $1 million, led by Mercer Island where that district’s median price was $2,550,000. The other districts where the median price on last year’s single family home sales exceeded $1 million include Bainbridge Island, Bellevue, Easton (in Kittitas County), Issaquah, Lake Washington, Northshore, and Snoqualmie Valley.
A comparison of prices for 3-bedroom homes that sold last year showed San Juan County with the highest median price, at $1 million. It was followed by King County ($836,000), Snohomish County ($675,000), Jefferson County ($654,250) and Whatcom County ($590,000). The most affordable 3-bedroom home were found in Ferry County where the median price on last year’s sales was $225,900.
Last year’s sellers, on average, received 102.5% of their asking (list) price. The ratio of sale price to list price exceeded 100% in the first part of 2022 but dropped below that threshold starting in August and continuing through December. Thirteen of the 26 counties in the NWMLS report had a sale price to list price ratio of at least 100% or more for 2022 overall.
Snapshot of Condominiums
Of last year’s closed sales, 11,171, or about 13.9% of the total, were condominiums. About six of every 10 condos that sold (59.1%) were located in King County. Nearly 20% (19.7%) were located in Snohomish County.
The median price for last year’s condo sales area-wide was $473,000. Condos that sold in Snohomish County had a median price of $515,000, about 3% higher than King County’s figure of $500,000. Within King County, the most expensive condos were on the Eastside where the median sales price was $624,800, followed by Seattle at $535,000. (The median sales price in Okanogan County was higher, at $586,000, but only three condos sold there during 2022.)
About half the condos that sold during 2022 had two bedrooms. Studios and one-bedroom condos accounted for 23.8% of the sales. Around one of every five condo sales (21.2%) had three bedrooms, with the remaining 5.6% having four or more bedrooms.
Snapshot of New Construction
Of last year’s 84,037 closed sales, 9,504 (about 11.3%) were classified as new construction. That was 2,699 fewer than 2021’s total (down 22.1%). The median sales price on last year’s newly built homes and condos was $740,084, about 11.3% higher than 2022’s figure of $664,950.
About Northwest Multiple Listing Service
As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.
| Year | King | Snohomish | Pierce |
|---|---|---|---|
| 1992 | $172,550 | $149,084 | $140,494 |
| 2002 | $311,285 | $233,082 | $197,317 |
| 2012 | $405,610 | $265,920 | $216,286 |
| 2022 | $1,026,431 | $806,253 | $604,679 |
2022 Statistical Review & Highlight Report
View the comprehensive 2022 Statistical Review & Highlights Report for more information.
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