How Can It Still Be A Sellers Market?!!

• The number of for sale listings was up 113.7% from one year earlier and down 4.5% from the previous month.
• The number of sold listings decreased 37.4% year over year and decreased 18.8% month over month. 
• The number of under contract listings was down 10.6% compared to previous month and down 37.9% compared to previous year.
•  The Months of Inventory based on Closed Sales is 2.3, up 237.4% from the previous year. 
•  The Average Sold Price per Square Footage was down 0.3% compared to previous month and up 1.4% compared to last year.  
• The Median Sold Price decreased by 1.6% from last month. 
• The Average Sold Price also increased by 0.1% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Depreciating".
•  The Average Days on Market showed an upward trend, an increase of 94.1% compared to previous year.
• The ratio of Sold Price vs. Original List Price is 95%, a decrease of 6.9% compared to previous year.

REAL ESTATE MARKET NEWS

Brokers with Northwest Multiple Listing Service (NWMLS) are reporting a return to some creative financing methods as motivated home buyers and sellers grapple with higher mortgage rates. “Buyers are benefiting from more choices in inventory and less competition, while sellers are more negotiable when it comes to contingencies,” reported NWMLS director Meredith Hansen. “We are seeing more 2/1 buydowns and adjustable-rate mortgages with buyers planning to refi when the rates come back down,” added Hansen.

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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