Northeast Washington Real Estate Market 2005 2022 Active & New
After another busier-than-normal winter season, the 2022 Northeast Washington Real Estate Market picked up where 2021 left off. The market like most other markets in the country was and still is experiencing extremely low inventory. You’ll see in the graph below every year from 2017 to 2022 we’ve had fewer and fewer active listings per year to sell. 2022 There were only 750 Residential listings available for sale during 2022. Also, the Northeast Washington Real Estate Market 2005 2022 reports show 2022 had fewer replacement listings for those that did sell with only 683 new. Only 2020 had fewer new listings at 678 than 2022.
Average and Median Sold Prices
Low inventory and the threat of increasing interest rates puts pressure on the buyers to buy so we saw a lot of multiple offers and bidding wars for residential listing. This drove average and median prices to the highest they’ve ever been. More Northeast Washington Real Estate sold in higher price ranges than ever before. Historically the busiest price ranges Northeast Washington Real Estate Market 2005 2022 was between 175,000 and 275,000. By the end of 2022 the busiest price range for the Residential Northeast Washington Real Estate Market2005 2022 report had climbed to 225,000 to 999,999.
The graph below shows the Average and Median sold price of Residential Northeast Washington Real Estate from 2005 through 2022. We’ve seen a steady increase in the average and median sale prices since a low of 2013.
Under Contract and Sold
The Northeast Washington Real Estate Market 2005 2022 graphs show the number of listings under contract and sold reflex how willing buyers are to buy. When you compare this graph with the total active and new graph you see that around 2014 Buyers became more serious about buying and the lines on both graphs run a little closer together.
Sold Dollar Volume
The Northeast Washington Real Estate Market 2005 2022 report shows the dollar volume of sales for the year. The dollar volume is tied to the number of sales, and the price of the properties. Fewer sales means a lower dollar volume. But a high number of sale at a lower price can also mean a lower dollar volume. As buyers start to leave the market Sellers reducing prices may be indicated by a lower dollar volume as we seen for 2022 in the Sold Volume graph below.
Northeast Washington Real Estate Market 2023
What does this mean for the Northeast Washington Real Estate market moving into 2023? That remains to be seen. With government spending, the crisis at the southern border, the other problems the government is causing and interest rate not expected to come down until the end of the year a slow market should be expected. There are too many variables to predict anything. However all indication are the Northeast Washington Real Estate Market has hit a wall just like most of the rest of the real estate markets in the country. The last 1/4 of 2021 compared to the last quarter of 2022 is an indication of the market hitting that wall. With an already low inventory new listing were down 10%, Buyer’s put 32% fewer properties under contact so Buyer’s aren’t buying right now. The number of properties sold dropped 41% and the sold volume which would be properties that went under contract 30-60 day or a little before the 4th Quarter dropped 46%. None of this is a good sign.
