SPRING 2023 MARKET UPDATE
We’ll get a refresh on Northwest MLS market data soon in early May. Watch this space for an update:
Based on March data, we learn that we are moving slowly toward a more balanced market between buyers and sellers. Last year at this time, multiple competing offers from 10 to 20 buyers at the same time were the norm in the first week of each attractive new property. That was with the months of inventory level well below 1.0. One month of inventory would mean that if no new properties came on the market, every property currently listed would sell out in one month. A balanced, “normal” market is considered to be 6.0 months of supply, but we haven’t seen that level since about 2012. It would take a major recession to get us back to that situation.
The typical 30 year fixed rate mortgage is sitting at 6.87% per BankRate.com versus 3.0% or less a year ago. So whatever buyers are still out there – many fewer of them – are better qualified.
The main thrust of the NWMLS March press release is that seasonality has returned to the market with March showing a surge of new property listings and buyer activity compared to the February and winter lull.