The Northwest Multiple Listing Service has just come out with their statistics for Jan 2023 and I am not surprised. While King County prices dropped 3.1% year over year for the 4th Quarter; January tells a different story.
For Eastside Areas, median closed prices were down 13.16% in January, year over year. December 2021, sales and prices went up and bit; but they accelerated quickly in January-March 2022. The number of closings dropped 27.57% year over year. Inventory was at 361% (!) of January 2022 levels.
For Seattle Areas, median closed prices were up 4.25% in January, year over year. The number of closings dropped 41.65% year over year. Inventory here was at just 135% of January 2022 levels; likely leading to slightly higher prices.
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