Market Update | October 2023
Published on: November 6, 2023
Northwest Multiple Listing Service, the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for the month of October 2023.
Market Recap
Further increases in interest rates continue to influence the expected seasonal slow-down during fall and winter months:
Most counties covered by NWMLS (24 of 26) saw a decrease in the number of homes sold with an average decline of 18%. The median price of homes sold declined in 11 out of 26 counties, increased in 14, and remained virtually unchanged* in one county relative to October 2022.
*Unchanged = less than 0.5 percent change in median price
The three counties with the highest median priced homes sold were San Juan County ($1,150,000), King County ($800,000) and Snohomish County ($700,322); the three counties with the lowest median priced homes sold were Grays Harbor ($325,000), Ferry ($177,500), and Columbia ($110,000)
The volume of homes on the market has continued to decline throughout Washington with 20 out of 26 counties seeing a year over year decrease in the number of homes on the market. When compared to the same month last year, October 2023 experienced a 20% decrease in active property listings on the market in Washington counties covered by the NWMLS.
“With the 30-year fixed mortgage rate currently just shy of 8%, the purchasing power of prospective buyers has weakened further,” said Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington. “This has led to a continued decline in year-over-year transaction volume with overall median prices increasing by only 1% across counties covered by the NWMLS.”
Active Listings
There were 11,403 active listings in the database for this month.
New Listings
There were 6,134 new listings added in the database for this month.
Pending Sales
There were 5,684 total residential units & condo units under contract for this month.
Closed Sales
The total dollar value of closed sales for residential homes for this month was $3,535,626,496 and was $410,012,856 for condominiums.
Months of Inventory
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take around two months to sell every home that is active in the NWMLS inventory.
Median Price
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take around two months to sell every home that is active in the NWMLS inventory.