The region was formed by ancient glaciers which carved out the many waterways that are spread throughout the area.
Puget Sound forms the western border of the Seattle area and stretches 100 miles north and south and connects to the Pacific Ocean via the Straits of Juan de Fuca. The Seattle metropolitan area is made up of three counties - King which encompasses the city of Seattle and spreads eastward Snohomish county to the north and Pierce to the south. YOY change in inventory (active listings) This is a highly active market that is beneficial for sellers, challenging for buyers and will require real estate brokers with the experience and talent to help them navigate through it to success. Although it is a market driven by an extreme situation it is also one that is based upon solid metrics and not prone to a crash. What makes this current market different from what happened in 2007-08 is that it is being pushed upwards by the lack of supply and not speculation or exotic loan products. demand, prices continue to rise significantly. These elements indicate that we will continue to have an active and competitive market which will continue until the supply issue is abated.Īs to be expected in a market with an imbalance of supply vs. While buyers will absorb the new higher interest rates (which may force some into lower price points), there still is simply not enough homes for sale to keep up with the market demand for them. With inventory still below one month we expect that the last quarter of 2022 will continue the sharp rise in prices as we’ve seen over the past several years. The selection of only single-family homes plummeted from the year-ago volume of 2,420 to 1,634 (down 32.5%). King County had the sharpest decline in inventory for single-family homes. There has not been more than one month of supply since July 2020 when it reached 1.04 months. As of the end of September, there was about three weeks of supply (0.75 months), slightly better than August (0.70 months), but less than the same month a year ago (0.89 months). Low inventory continues to pose challenges for buyers.
The number of mutually accepted offers in the Puget Sound region (King, Kitsap, Pierce and Snohomish counties) made last month the MLS' second-best September, based on records going back to 2003. That volume, which includes single-family homes and condominiums, nearly matched the total for August (11,437), and barely outgained the number of pending sales (11,318) for the 26 counties in the report. Brokers with Northwest Multiple Listing Service also finally detected growing stability in the condominium market.Ī new report from Northwest MLS shows brokers added slightly more new listings last month (11,373) than a year ago (11,210). A lack of inventory in 2019 which grew throughout 20 has stayed an absolute scarcity of supply of available properties in comparison to the current demand for them.Ģ021’s housing market remained "very active" to "frenzied" around Washington state with brokers reporting year-over-year gains in new listings, closed sales, and prices. For those who wish to build a home here, there are a few areas available, but limitations exist.The Seattle area real estate market as we enter the start of 2022 continues to have one of the most extraordinary situations ever seen in this area. They feature two or three-car garages, inground pools, lavish interiors, and many other updates. Many of the most modern homes, those built in the last 20 years, are larger homes with 4,000 square feet of living space or more. There are various neighborhoods tucked into the city that offer homes of all types from small bungalows with about 1100 square feet of living space to stately homes of over 5,000 square feet and with the most modern updates. Some homes are older, dating back to the mid-1960s. Single-family homes are the most common type of property here, though. Home styles in Woodinville, WA, offer something for everyone.
Home prices, as of April of 2020, averaged $838,000 with an average of $341 per square foot. Most homes receive multiple offers, and many sell above their asking price. It is also a very upscale community with larger homes and larger areas of land. The proximity to Seattle makes this a very competitive market, with homes selling quickly. For those who hope to buy a home in the Woodinville, WA real estate market, there are solid options available most of the time.
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