📢 MARKET UPDATE - February 2023 🚨 (Greater Seattle Area/ King Pierce Snohomish)

[Aaron Morrow]

The Puget Sound area is seeing more buyers and sellers enter the market as we gear up for Spring. A dip in interest rates has caused mortgage demand to jump 28% and the most recent NWMLS report shows that the number of active listings has continued its growth. By the end of December there were over 9,000 active listings for buyers to choose from, compared to just over 3,000 at the end of 2021.

The growing inventory and the current downward trend of mortgage rates is giving home buyers some much-needed hope. According to Nadia Evangelou, NAR's senior economist and director of forecasting, a decrease in rates could mean a significant drop in the cost of mortgage payments for potential buyers. With mortgage rates dropping to 6% instead of 7%, buyers could save around $2,700 each year.

With home prices hitting their apex in 2022, it is likely that most areas will see a slight decline as we make our way back to a more normal and balanced market. For sellers, proper pricing will be key as more homes on the market will bring increased competition.

Take a look at the Chart Below for Reference: