HousingSaturday, November 7
Home listings are up 25.2% from a year ago, giving buyers more room to negotiate
The Daily Tacoma team
If you're house-hunting, the numbers are tilting your way. Across the 27-county area the Northwest Multiple Listing Service (NWMLS) covers, active listings are up 25.2% from a year ago, and pending sales fell nearly 18%.
October's housing numbers favor buyers
- 25.2%
- more active listings than a year ago
- $620,000
- overall median sales price, down 3.1%
- $435,000
- median condo price, lowest since February 2023
- 4.4 months
- of inventory, highest for any October since at least 2014
Sources: MyNorthwest.com, 425business.com
Anton Alexander of Elevate Group at Compass Real Estate in Seattle says buyers can now ask sellers for credits toward repairs or interest rate buydowns. If you're selling, he says to price against today's market, not what your neighbors got a year ago.
- King County condos: $465,000 median, down 15.5%
- King County homes and condos: $851,250 median, down 4.1%
- Snohomish County homes and condos: $699,250 median, down 5.4%
Mortgage rates are easing but still high. The 30-year fixed averaged 7.18% on Nov. 5, according to Freddie Mac data, down from 7.40% in the weeks of Oct. 8 and 15. A year ago at this time, it averaged 6.22%.
Mortgage rates have eased since their mid-October peak
Sources: MyNorthwest.com, 425business.com
View as table
| 30-year fixed rate | |
|---|---|
| Oct. 8 | 7.40% |
| Oct. 15 | 7.40% |
| Oct. 29 | 7.24% |
| Nov. 5 | 7.18% |
Sources: MyNorthwest.com, 425business.com