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Mar '23 Market Update for King, Pierce, Thurston, & Lewis Counties in WA State



 



King County


New Listings: 2,241

Total Active*: 1,816 units

Months Supply: 1.1

Pending: 1,729

Closed: 1,465

DOM: 34

Avg Sale Price: $1,107,898


New residential listings in March 2023 for King Co totaled 2,241 units, an increase from the month prior by a whopping 63%. New listings for March'23 were down year over year by 25%.


Total active units for March'23 were 1,816, up from numbers seen in the month prior by 21%, and this total was also up 54% yoy.


Pending transactions, totaling 1,729 units, showed an increase over numbers reported in February'23 by 22%, and were down yoy by 31%.


Closed transactions were up month over month by 36% with a total of 1,465 closings; yoy these numbers were down by 34%.


Days on Market (DOM) showed notable movement in the downward direction dropping from 42 days in Feb'23 to 34 days in March'23, and up 278% from the 9 days on market reported in the same period last year.


Average sales price in King Co was up month over month slightly by 8% at $1,107,898 and was down yoy by almost 10% (Average sale price March '22 was $1,225,803).



 


Pierce County


New Listings: 1,051

Total Active Invetory*: 935

Months Supply: 1.1

Pending: 1,034

Closed: 911

DOM: 42

Avg Sale Price: $579,598


New listings for March 2023 were 1,051, an increase from Feb'23 by 31%, and down year over year by 34% (1,596 new listings in March 2022).


Total active units on the market during March'23 were 935, up one percent from Feb'23 and up 23 percent from March '22 (757 homes were inventoried in the month of March in 2022).


Pendings showed an increase over Feb'23’s pendings by 9% at 1,034, and were down yoy by 23%.


Closed transactions for March were up over the month prior by 41% with a total of 911 closing; yoy closings for the month were down by 25% (1,208 closed March '22).


Days on Market moved in the downward direction as it dropped from Feb's high of 50 days down to 42 days for March'23, and up 250% from last March's low of 12 days on market.


Average sale price in Pierce Co was up 1% from the month prior at $579,598, and down yoy by 6.2% ($618,082 avg sale price in March'22).



 


Thurston Co


New Listings: 366

Total Active Inventory*: 300

Months Supply: 0.9

Pending: 357

Closed: 303

DOM: 44

Average Sale Price: $542,081


New listings in Thurston County for the month of March'23 brought 366 new units to the market - an increase of 67% from the month prior, and down yoy by 27 percent (507 new listings were seen in March of '22).


Total active units on the market during March were 300, an increase of one percent from Feb '23, and an increase yoy by 32 percent.


Pending units totaled 357, an increase by 20% month over month, and a decrease of 17 percent year over year.


Closed home sales totaled 303 units, up 46% from February'23, and yoy, a decrease of 31 percent (441 homes closes in March of '22).


Days on market totaled 44 days, down 23 percent from 57 days in Feb'23, and up 267% from 12 days in March of last year.


Average sales price for Thurston Co for March'23 was up over 19k from the avg sales price seen in Feb'23, an increase of 4% month over month. Average sales price for March'23 was down yoy by 2%.




 


Lewis County


New Listings: 95

Total Active*: 181

Months Supply: 2.0

Pendings: 84

Closed: 84

DOM: 67

Average Sales Price: $406,693


New listings in Lewis Co totaled 97 units, an increase in 9% month over month, and a decrease from March'22 by 38 percent (153 new listings seen in March '22).


Total units on the market in March'23 came in at 181, an increase of 5% from Feb'23, and year over year, an increase of 68 percent.


Pending residential transactions totaled 84, a decrease of 9% from Feb'23, and a decrease in 32% year over year (123 pending transactions in March'22).


Closed units totaled 84, a 42% increase month over month, and a 34% decrease from Feb one year ago.


Days on market were 67, a 11% decrease from Feb '23, and a 168% increase from the 25 DOM seen one year ago.


Average sales price in Lewis County was down almost $13k month over month at $406,693, a 3% decrease. Year over year the average sales price in Lewis Co for March '23 was down 7 percent.



 

Take Away

Buyers, we see that the market is moving - money is expensive to borrow, so we don't see the buying and selling frenzy we came to know over past several years. This market is a bit more balanced for both sides of the transaction.


For King, Pierce, Thurston, and Lewis we see a conformation to the yearly cycle of an up-tick in inventory and sales through the spring going into the summer months, but are only seeing prices increase in the former three counties. Average sales price in Lewis is down not only year over year, but month over month. This shows us that buyers who are edged out in the pricier, more competitive counties will be able to stretch their buying dollars much more further if those buyers can feasibly move out a little farther and widen their search areas.


We are seeing the persistence of multiple offer situations in some areas, but this is not ubiquitous throughout. Percent of list price received for all four counties hovered around 100% and below, and buyers are still seeing seller concessions in transactions.


Make sure you are ready and get your pre-approval NOW. Too early is not a thing! Get it now and have a competitive advantage over those buyers who are less prepared and who may end up losing out because of that. Not sure where to start? Let me help you. I work with several industry rockstars - they are key players in my winning strategy for buyers. Don't wanna miss out? Ask me today! For sellers, days on market continue to come down, but are still at highs not seen in years -it may take several weeks for your home to sell. Keep this in mind when making your moving and home-buying plans.


It continues to be true that prepping your home for sale in a thoughtful and systematic way is a sure way for you receive 100%+ of asking price, as the product you bring to market is important! Just as important to list prep is going to be strategically pricing your home! Need help? Make sure you reach out and I'll share with you my winning listing strategies, as well as present you with a complete competitive and comprehensive market analysis that will help you list to sell ... and win big! For more information or to stay up to date with what's happening in these markets, including tips and tricks when prepping to buy or sell, PCS or move, subscribe to my email list!

 

*The number of properties available for sale in active status at the end of a given month.

All data from Northwest Multiple Listing Service®. Report © 2023 ShowingTime.


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