Скачать или смотреть What's Happening in Seattle Real Estate - March 2023

🏠 Seattle real estate update - March 2023
After a 6-month sabbatical, multiple offers and bidding wars are making their way back into select markets around the Seattle area. Companies such as Amazon are announcing their "return to the office" requirements which has shifted some of the attention back towards the urban core and away from the suburbs which experienced prolific appreciation during the early days of COVID and the advent of "work from home" being widely adopted.
Home prices increased month-over-month in King, Pierce & Kitsap county but declined year-over-year. Snohomish county had a slight monthly decrease and the largest annual decline.
💰 Median home price by county and % change year over year for Feb 2023
King: $800,000 | -6.7%
Pierce: $529,900 | -0.9%
Snohomish: $690,560 | -7.4%
Kitsap: $499,995 | -4.8%%
📊 Market activity over the last 7 days - King County Single family homes
1597 listings active
479 new listings
217 price reductions
705 listings pending
423 listings sold
94 listings taken off market (canceled/expired)
📅 Average time on market King County: 43 days
💵 Average sold to list price ratio King County: 99% of current list price, 97% of original list price.
🏦 Mortgage rates averaged 6.6% nationwide. Mortgage rates are down following an increase of more than half a percent over five consecutive weeks. Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term.
The US economy added 311,000 jobs in February and 504,000 in January, well above pre-pandemic norms, when roughly 180,000 jobs were added per month between 2010 and 2019. Since the beginning of the pandemic, Washington has added 24,000-plus tech sector jobs and the Employment Security Department states there have been around 5,400 layoffs.
King County would need to see nearly 17,000 new homes built every year for the next two decades to keep up with demand, according to new state projections. Washington will need 1.1 million new homes over the next 20 years, or about 55,000 per year, according to the projections. That’s a higher level of building than the state has seen in recent years. In the last decade, Census data shows Washington has added an average of about 35,000 housing units per year. In 2021, the state added about 43,000 units.
Federal Housing Administration (FHA), announced a 30 basis point reduction to the annual mortgage insurance premiums (annual MIP) charged to homebuyers who obtain an FHA-insured mortgage. The premium will be reduced from 0.85 percent to 0.55 percent for most homebuyers seeking an FHA-insured mortgage. The average FHA borrower purchasing a one-unit single family home with a mortgage of $467,700 – the national median home price as of December 2022 – FHA’s annual MIP reduction will save them more than $1,400 in the first year of their mortgage.