NWMLS Market Snapshot – March 2022 Data

NWMLS Market Snapshot – March 2022 Data

Looking at the data for March, we continue to see low inventory and prices of homes increasing. However, there is some light at the end of the tunnel! The data and images you see on this blog are for all the NWMLS.

Snohomish County had an Average Sales Price of $777,617, a huge 28.2% increase, for all property types over March 2021. King County’s Average Sales Price was $990,482, an increase of 15.9%, for all property types over March 2021, which is slightly up from last month’s year to date. We&rsquo're now deep the Spring Market!

Closed Sales Data

Snohomish County Median Days on Market stayed even at 5 days in March 2021, matching the 5 days in March 2020. King County Median Days on Market decreased from 6 days to 5 days, down 16.7%.

Inventory Data

Snohomish County inventory is at less than 1 month of supply, down 20% in March 2021 from 0.5 months of supply to 0.4% while King County is down from 0.9 months supply in March 2021 to 0.5 months of supply, down over 44% but up slightly over last month’s data. Inventory accross the entire MLS system is up 8.7%, which is a new trend to watch! Hopefully this is an indication of things to come…more homes for sale!

Bottom Line

As the Spring 2022 continues, we are still very much in a seller’s market. Buyers are still out looking at what homes are available, however with hikes in interest rates I’ve seen homes receive less offers than even a month ago. This could be a good time for buyers to shop and get your offer accepted. It is still a great time for sellers even if the multitude of offers is less. Homes are still very much selling for more. If you’re interested in selling your home, this is still a great time to get it sold, however a smart marketing plan is needed to get you the best price. I’d love to share my marketing plan with you! If you’re interested in buying and taking advantage of interest rates (as they slowly climb), I have successfully won on multiple offer situations with my buyer clients! Let’s talk about strategy!

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Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.

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