The MLS report for December shows continued growth in the number of active listings compared to the same month a year ago, but sharp drops in the number of pending and closed sales. Last month’s prices for single-family homes and condominiums that sold across the 26 counties in the report dropped 0.51% from twelve months ago, marking the first year-over-year price decline since March 2012.
Year-over-year prices for last month’s sales of single-family homes and condos (combined) declined in 17 counties and rose in nine counties. But to put that in perspective, the median sales price was $570,000, down $2,900 (-0.51%) from the previous year’s price of $572,900.
In spite of interest rates, holidays, snow, ice, pent-up demand, and low inventory characterizes a steadily flowing market.
Brokers added 2,980 new listings to inventory last month. That total was 1,637 fewer than the number added during December 2021.
The Northwest MLS report shows about 2.1 months of inventory at the end of December, marking the fourth consecutive month with at least eight weeks of supply. Six counties, including King, Kitsap, and Snohomish, still have less than two months of supply.
In Kitsap County, where there is 1.78 months of supply, brokers added 172 new listings to inventory during December, 70 fewer than the same month a year ago. Pending sales (241 total) outgained new listings by 69 transactions.