Catherine Weir
QUARTERLY UPDATE MAY 2022
SPRING MARKET UPDATE Hello, Catherine Weir with Coldwell
Banker Bain bringing you a Spring Market update. The real estate market today in May is quite different from the market we were seeing in the first quarter of the year. The main cause of the market adjustment is interest rates. In a move to slow down inflation the Federal reserve has increased the Fed fund rate. This caused banks to increase their mortgage lending rates. In around one month we have gone from interest rates at around 4% to some as high as 6%. So, what does this mean for Seattle super-hot housing market? As the cost of borrowing money has increased it does limit what some buyers can afford. WHAT ’S INS I DE
Eastside Market Updates, pg. 3
Fortunately, in the Seattle area many would be home buyers have absorbed that increase in interest rate for now. In addition, recently the stock market has had a bit of a wild ride with Tech stocks taking quite a hit. The Seattle Real Estate market has certainly changed. The amount of uncertainty the rate hikes have brought with them have made buyers much more discerning about what they are buying. For example, when I was seeing 4 or 5 offers on a home now, I am seeing one or two. In addition, I am not seeing homes selling for 20 and 30% over asking price. Now we have settled to much closer to asking price, maybe some homes are
Q 2 2 022
Which Home Improvements Pay Off? continued...
King County
“April saw more houses go on the market. Home prices were lower over last month, but higher over the previous year.”
selling up to 10% over. Of course, this does have a lot to do with the quality of the home, the price point, and the asking price. In this crazy market, quite a few sellers have become greedy and have very high expectations of what they can get for their home. Many houses are going over the offer review date and I have heard stories about sellers not accepting a list price offer as they were expecting more. There is still a tremendous shortage of homes for all the people that choose to move here and we are projected to have another 1.6M people moving here in the next 25 years. The market still has very low inventory although thankfully we are starting to see an increase in the number of homes on the market. I do not see a downward trajectory of home prices -just not the 16% increase in appreciation we saw in home prices from January to March! It is so important to work with someone that understands the market, knows value when they see it and can give you sound advice whether you are buying or selling a home. I am always
realistic and set expectations early on with my clients so they can prepare for the worst and pleasantly surprised when the best comes. So, if you are looking for a guide in these tough real estate times, connect with me.
Connect With Me! C E
206.313.9714 catherineweir@cbbain.com facebook.com/catsyweir linkedin.com/in/catherineweir/ instagram.com/catsyweir/ youtube.com/channel/UCmu4AZ16UNVp7W1F5p4Ib4A
CURRENT vs PREVIOUS MONTH
CURRENT vs PREVIOUS YEAR
CURRENT vs Same QUARTER LAST YEAR
Apr 22
Mar 22
% Change
Apr 22
Apr 21
% Change
Apr 22
Apr 21
% Change
For Sale
527
232
+127.2%
527
300
+75.7%
527
300
+75.7%
Sold
716
596
+20.1%
716
819
-12.6%
1603
1890
-15.2%
Pended
731
720
+1.5%
731
807
-9.4%
1917
2129
-10%
Avg Sq Ft Price (Sold)
$710
$727
-2.3%
$710
$573
+23.9%
$717.23
$545.29
+31.5%
0.7
0.4
+77.1%
0.7
0.4
+81.9%
0.6
0.4
+47.6%
Months of Inventory (Closed Sales)
APRIL 2022 WAs not yet a BUYER’s market! The
number of homes listed for sale was up from one year earlier and from the previous month. The number of homes under contract was up compared to the previous month and down compared to the previous year. The Months of Inventory based on Closed Sales is up significantly from last year. Based on the 3 month trend, the Average Sold Price is up a whopping 31.5% over last year. The Average Days on Market is down slightly over last month and compared with last year.
Homes on the Eastside are still closing at 111% of the listing price an increase of 1.8% compared to the previous year.
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Eastside Update
Catherine Weir Coldwell Banker Bain 1151 NW Sammamish Rd #103 Issaquah, WA 98027
Just LISTED | $3,299,000
12513 NE 65th Street, Kirkland, WA 98033
Just sold | $3,000,000
1924 4th Avenue W, Seattle, WA 98119
“I value each and every one of my clients and always negotiate to get them the best terms possible. When you want first class service from someone that is honest, straightforward and an advocate for you – make me your first call.”
Catherine Weir