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RE/MAX National Housing Report for January 2022

NHR 01-22

Prices Remain Steady as Home Sales Decline Seasonally and Inventory Stays Low

January home sales dropped 31.4% from December’s total – a decrease slightly more than the seasonal norm – as inventory shrank for the sixth consecutive month. Year over year, sales were down 5.3% from January 2021.

A December-to-January decline in home sales is typical and expected. In the past five years (2017-2021), the average drop in home sales between the two months was 28.0%.

Across the 51 metro areas in the report, the Median Sales Price remained steady as January was the second month in a row of little-to-no month-over-month price increase. January’s Median Sales Price equaled December’s $335,000, which was only $5,000 below the report’s all-time high of $340,000 set in October 2021. However, year-over year price increases remain steep as January’s price was 15.9% higher than a year ago.

Inventory remains historically low. November, December and January have each reset the mark for lowest inventory (in terms of units) in the last five years. Similarly, January’s 1.2 Months Supply of Inventory matched the low reached in May 2021. There were 1.9 months supply of inventory a year ago.

Read the full article…

Watch the 40 second summary video…

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Spokane Association of Realtors® Home Sales Report for January 2022

Source: SAR MLS 2/22

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Washington State NWMLS Market Snapshot for January 2022

marketsnapshot

Northwest MLS brokers see signs of busy spring market despite slow January

A frigid first week of January, surges in coronavirus cases, and depleted inventory were among factors brokers from Northwest Multiple Listing Service cited for last month’s slower than year-ago sales.

In newly released statistics for January, the MLS reported 6,350 pending sales of single family homes and condominiums during January, about 1,000 fewer the same month a year ago for a drop of 14%. The year-over-year (YOY) number of closed sales also fell, dropping from 5,896 completed transactions to 5,085 for a decline of nearly 13.8%).

Broker-members added 5,927 new listings during January, nearly 1,000 fewer than the same month a year ago, but an improvement on December’s volume of 4,617. Only five counties reported YOY gains in new listings.

Last month’s pending sales outgained new listings to further shrink inventory. At month end the selection included a meager 3,092 active listings, down more than 30% from a year ago. There is about 2.5 weeks of supply (0.61 months) across the 26 counties served by Northwest MLS.

King County had the steepest drop in active listings, shrinking nearly 59% from a year ago, followed by Jefferson County, down 40%, and Snohomish County, down more than 35%.

A comparison of counties in the listing service report shows only about half of them have more than one month of supply, and these areas tend to be in more rural areas. King, Pierce, and Snohomish counties all have less than two weeks of supply. Kitsap County is slightly better with 0.58 months.

Last month’s prices were up nearly 14.9% from a year ago, climbing from $483,250 to $555,000. Five counties reported price gains of 30% or more, led by Okanogan at 46.3%. Other counties with price increases of at least 30% were Chelan, Kittitas, Pacific, and San Juan.

Watch the 1.5 minute market report video…

Source: NWMLS 2/7/2022

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Hot Home Trend: Paint it Black

Black is popping up everywhere in home design, from flooring to windows. Black feature walls also are trending. Matte black finishes have become popular choices for hardware, decor, and finishes.

Take a look at some of the latest trends:

Faucets and Fixtures

Matte black finishes are mostly found in kitchens and bathrooms, often up against a white background for a high-contrast look. It’s being used in both modern and more traditional spaces. Matte black is an easy-to-maintain finish: No need to polish!

Also, matte black is increasingly appearing against brass for an even trendier look, which you can get in one fixture. Kohler is now offering a faucet that is half brass and half matted black—two finishes in one.

Black-Framed Windows

Windows are coming to the forefront. A black window trim can add an industrial look to a space.

Black Accent Walls

Few paint jobs are bolder than painting a wall black. But up against lighter colors, a black feature wall could provide drama to liven up your space.

Black Doors

A black front door can add some luxury to a home’s curb appeal. Black doors on white homes create a trendy farmhouse style, but the look can work on other home styles, too.

Source: Realtor® Magazine

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What’s Trending in Kitchens for 2022?

The kitchen is the heart of the house where everyone congregated during the pandemic, and it’s still the go-to room for multiple functions—that means it keeps changing.

The kitchen became an even more significant heart of the home during the pandemic as the focal point for gathering, working, entertaining, and, of course, cooking, says Joe Fava, CEO of Fava Design Group in Miami. Now, homeowners are putting more into their kitchen space—literally. They’re buying larger refrigerators, freezers, and sinks, and second dishwashers and ovens, he says.

Homeowners are entertaining and cooking even more at home, and the price tag reflects their exuberance. Those who can afford to do so spend upwards of $100,000 on kitchen upgrades. But your clients don’t have to pay that much to get a kitchen they love. Much smaller, less costly improvements can make any kitchen more appealing.

Read more…

Source: Realtor® Magazine

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RE/MAX National Housing Report for December 2021

NHR 12-21

Strong December Caps 2021 As Busiest Home-Buying Year in Report History

Near-record December home sales cemented 2021 as the busiest year for home buying in the 14-year history of the report, while also setting records for smallest inventory and highest average home prices. On an annual basis, 2021 finished with nearly 10% more home sales than the previous record year of 2020.

Across the 51 metro areas in the report, December 2021 home sales were the second highest for the month in report history, trailing only December 2020. Despite the strength in home sales, December sales defied recent month-over-month moves. December 2021 home sales were actually down 0.8% from November, which had an unusually high total. In contrast, the November-to-December average change for the five-year period from 2015-2019 was an increase of 3.5%.

December home transactions could have been even stronger had it not been for record-low inventory. The year 2021 ended with the smallest number of homes for sale in the 14-year history of the report. December inventory dropped 23.6% from November – the previous record low – and 33.3% year over year. The 10 months with the lowest inventory in report history all occurred in 2021.

December’s 1.2 Months Supply of Inventory was an all-time low and tied the report record set in May 2021. There were two months supply of inventory a year ago. Homes spent an average of 31 days on the market in December – two more than November, but seven less than a year ago.

At the same time, December’s Median Sales Price of $335,000 was up 1.4% over November and 11.5% year over year. The November-to-December increase is slightly higher than the 1.2% average for the five-year period from 2015-2019. While the highest average sale price of the year typically is reached in early or mid-summer, October’s $340,000 was the highest in 2021 and in report history.

Read the full article…

Watch the 40 second summary video…

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Spokane Association of Realtors® Home Sales Report for December 2021

The Spokane market continues a sales pace similar to last year and to have more demand than supply, however inventory is beginning to see modest growth.

Source: SAR MLS 1/22

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Washington State NWMLS Market Snapshot for December 2021

marketsnapshot

Northwest MLS brokers end 2021 with depleted inventory, rising prices, weather disruptions

Severe shortages of inventory, record-low temperatures and snow restrained December housing activity around Washington state beyond expected seasonal slowdowns, according to a new report from Northwest Multiple Listing Service.

Summary statistics from the MLS show the volume of new listings added area-wide dropped 12.3% during December compared with the same month a year earlier. Year-over-year inventory, pending sales, and closed sales all fell by double digits. Only prices rose – up 17.4% overall for homes and condominiums that sold across the 26 counties in the report.

The median price for last month’s closed sales was $572,900, up from twelve months ago when it was $488,000. Prices for single family homes (excluding condos) surged nearly 17.5%, from $502,247 to $590,000. King County was one of only three counties where the single family price change was under 10%; prices there rose from $740,000 to $810,000. A dozen counties had price jumps of 20% or more.

Northwest MLS brokers reported 8,017 closed sales last month, a drop of nearly 1,000 transactions from the year-ago total of 9,008. Eleven counties had double-digit declines, including King (down 16.3%) and Snohomish (down 17.6%). October was the only other month during 2021 when year-over-year sales fell.

Despite hurdles (including pandemic-related), Northwest MLS brokers tallied 107,354 closed sales during 2021, an increase 12.1% from the previous year when they notched 95,760 closings.

Even though the number of pending sales, at 5,850 overall, declined more than 15% from a year ago, they far outstripped the number of new listings (4,617), contributing to the meager month end inventory. In fact, a search of NWMLS records going back a decade indicates the 3,240 active listings of homes and condos area-wide is the first time the selection has dipped below 4,000 listings. A year ago, buyers could choose from 4,739 active listings while in November there were 4,621 properties in the MLS database.

Stated another way, there was less than two weeks of supply (0.40) at month end. Inventory was even more sparse in seven counties, with Snohomish having the most acute shortage at 0.20 months. Other counties that fell below 0.40 months were Clark (0.26), King (0.27), Island (0.29), Pierce (0.32), Thurston (0.31) and Kitsap (0.38).

Watch the 1.5 minute market report video…

Source: NWMLS 1/6/2022

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RE/MAX National Housing Report for November 2021

NHR 11-21

Median Price Drops 3% Amid Seasonally Cooling
Home Sales and Record Low Inventory

The historically strong housing market continued to surge forward in November, as buyers gobbled up available homes seemingly as soon as they hit the market. Buyers finally saw some welcome relief on prices, with November’s Median Sales Price dropping 2.9% to $330,000 – the largest monthly decline since the pandemic began. And home sales declined only 4.9% from October, far less than the normal seasonal decrease of 12.0% this time of year. Adding to the complex conditions, the number of homes for sale fell to a new low in the 14-year history of the report, declining 17.7% from October.

Overall, November generally followed seasonal trends while at the same time setting records for the month of November in almost every category, such as the fewest average number of days homes were listed before selling. While November’s average of 29 days was two more than October’s, it was only the sixth month in report history with an average below 30. All six months have occurred consecutively, starting with June 2021.

November’s Median Sales Price across the report’s 51 metro areas dropped $10,000 below October’s $340,000, falling 2.9%. That was the largest month-to-month drop since January 2020, when the median price declined 3.4%. And while price drops are typical in January, they are unusual in November. Based on report averages for the five-year period from 2015-2019 (excluding 2020 because of pandemic impacts), the median November price rose an average of 0.9%.

Read the full article…

Watch the 40 second summary video…

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Spokane Association of Realtors® Home Sales Report for November 2021

The Spokane market continues a sales pace similar to last year and to have more demand than supply, however inventory is beginning to see modest growth.

Source: SAR MLS 12/21