February 2022: The Seattle and Eastside housing market is starting out strong, with high demand from buyers competing for extremely low supply.
My opinion is based on multiple offer situations I've seen in January and February. Early in the year it's difficult to judge the market direction going by closed sales because homes that closed in January went pending around 30 days previously. This means the buyer decisions that determined the January closed sales prices were made during the December holiday season, a very different market.
Housing supply in January 2022 was down 59% year-to-year in King County, and down 35% in Snohomish County. Demand for homes outside of main urban centers is increasing as more people find opportunities to work from home and take advantage of lower prices in outlying areas. You can see this reflected in the year-to-year sale price stats for King vs. more rural Snohomish County, below.
Here are the most recent numbers:
King County Year-to-Year Housing Data:
Snohomish County Year-to-Year Housing Data:
All data provided courtesy of the Northwest Multiple Listing Service®. Report © 2022 Showing Time.