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Greater Seattle Metro Area

(King, Pierce, and Snohomish)

Typical seasonality paired with a contracting marketplace translated into less activity for the Greater Seattle Metro Area in Q4 of 2022 compared to the same time prior year. Active and pending listings dropped for the quarter but stronger numbers for the region are expected as demand continues to outweigh supply, the Federal Reserve tames inflation, and the most narrow, stable mortgage rate range since late 2021.

Days On Market

Throughout the Greater Seattle Metro Area, days on market in Q4 increased by double and triple digits, climbing the most on a year-over-year basis in Redmond/Carnation (233% rise to an average of 40 days this quarter); Juanita/Woodinville (230% rise to an average of 33 days this quarter); and Lacey/ DuPont (211% rise at an average of 28 days this quarter). Though still higher than Q4 last year, average days on market increased the least in Central Seattle this quarter, where a 33-day average represented an 18% gain from year-ago figures.

Closed Transactions

In every city surveyed for this report, closed units posted a decline from year-ago figures. Mercer Island experienced the greatest decline; closed units this quarter fell 59% from year-ago figures to end the quarter at 43 units. In Thurston County, closed units (874) missed the mark by 47% compared with this same quarter last year. At 522 units, Lynnwood/ Edmonds finished Q4 2022 with 26% fewer closed units than last year, the lowest percentage drop in the region.

Average Sales Price

Average sales price in the Greater Seattle Metro Area had mixed results for Q4 2022, however the majority of cities recorded year-over-year price gains. In Mercer Island, for example, average sales price for Q4 2022 jumped 19% from year-ago figures to $2,644,886, which was the highest average sales price of all cities surveyed in Greater Seattle this quarter. With an average sales price of $856,362 and a year-over-year gain of 10%, West Seattle also posted doubledigit percentage growth in Q4 2022.

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