Breaking Down December’s NWMLS Numbers

At the beginning of every month, the Northwest MLS (NWMLS) releases their numbers for how counties in Washington are doing. The below stats breakdown is a compilation of the six counties that are the Puget Sound Housing Market.

What do we learn from the NWMLS Stats?

1) The 2018 housing market is softer than the 2017 housing market at this time.  There is more supply and less demand.

2) Despite a softer late 2018 market, housing prices are still 5.41% higher now than they were this time last year.  This is because the overall housing market took such a huge step forward at the beginning of 2018.   As a note, this increase translates into approximately $36,679 equity earned for the person who bought the average-priced home in 2017.

3) The month over month new listings are down 29.94%.  Comparing this to month over month closings being down 14.43%, this would infer inventory is being consumed by buyers at a faster rate than its being released to the market by sellers.  Essentially, for the first time in a long time, buyers are outpacing sellers despite overall activity being lower than October 2018.  Given past years’ data, expect this trend to continue through March, thus reducing overall inventory levels of Puget Sound Housing.

4) The month over month average sale price fell slightly.  However, with inventory levels falling, this trend is expected to turn with next month’s release of the NWMLS data.

Historically, inventory falls in the winter.  This sets the stage for median house prices to rise. We are currently seeing inventory falling. This means a shift in trajectory for median housing prices around Puget Sound is likely on the horizon!

Weekly Interest Rates

Per Bankrate.com, the 30 Year Mortgage interest rate
declined 11 basis points this past week to 4.9%, with .33
in discount and origination points. 

Rates are .2% lower than their 52 week high from four weeks ago, 
but are still .82% higher than their 52 week low from last December.

These charts are Seattle Specific, but the Puget Sound Real Estate Market mirrors the Seattle market.

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Scott Sheridan is a Loan Officer with Primary Residential Mortgage, Inc.  Being in the mortgage industry for three years, Scott brings a fresh millennial flair to the industry. He is well-versed in the most modern, efficient, and convenient ways to get things done. Scott combines these skills with a genuine love of his work and recent experience in what is it like to be a first and second-time home buyer.  You can follow Scott’s weekly market updates on his PRMI Facebook Page.