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

[Aaron Morrow]

MARKET UPDATE - MARCH 2023

The Puget Sound real estate market saw a surge in pending sales last month, according to the latest report from the Northwest Multiple Listing Service. The report revealed that there was an encouraging 44% increase in mutually accepted offers from December and the median price for closed sales increased slightly by 0.41% compared with the previous year.

There has been a noticeable increase in open house traffic, showings, and multiple offers for homes in the mid-price ranges. While the level of competition seen is not as intense as it was at the peak of the market, it suggests we are moving to a more healthy and balanced market after the slow winter season.

As we enter the Spring market, more buyers are expected to ease their way back into the market. The mortgage rates that have ticked upward slightly are expected to resume their slight downward trend over the next few weeks as inflation eases. According to the Chief Economist of the National Association of Realtors, Lawrence Yun, mortgage rates may remain around 6.5% for a few more months before declining to below 6% in the summer, and possibly even as low as 5.5% by the end of the year.