Washington

Northeast Washington Real Estate Land Market 2005 2022

Northeast Washington Real Estate Land Market 2005 2022 Active & New Listings 

We’re seeing a similar trend in the land market compared to what we saw in the residential market. From a peak number of active and new land listings in 2010 there has been a steady decline in land listings. From 1602 land listings in 2005 we were down to 665 land listings in 2022. With a slight upward bump in listings in 2009 and 2010 land listings have been in a fairly steady decline.

Northeast Washington Real Estate Land Market 2005 2022 Under Contract & Sold

From the top of the market in 2005 land sales declined to the lowest point in 2009 at 153 properties sold through the Northeast Washington Association of REALTORS®. Land sales remained under 200 sales until 2013 with 209 sales. Then a few years of a steady climb until a large jump upward in 2020. Sales leveled off at that point through 2021 at 547 sold, then took a serious dive in 2022 too. 

Northeast Washington Real Estate Land Market 2005 2022 Average and Median Sold Price

As we saw in several Land listings that went under contract between 2014 and 2021 Buyer demand was increasing as the market supply was decreasing and not replenishing itself.

Prices started to rise to a record high for average and median sold prices were being broken. Even in 2022 when the Land Market took a sharp downturn the average and median prices were higher than they had ever been.

Northeast Washington Real Estate Land Market 2005 2022 Sold Dollar Volume Land

The total dollar volume of Land Listing sales follows the same line as the average and median sales prices, except for 2022. Even though the average and median prices were still high in 2022 the number of sales had dropped significantly, so the total dollar sales volume has dropped similarly.

We’ll be checking our January statics in a couple of weeks. We hope to see this January and our year starting like 2022. Unfortunately, it doesn’t feel like it’s going to be that way.

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 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

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.