The Northwest Multiple Listing Service released its annual review for 2023, which details market activity in the Northwest region of Washington state.
Brokers in the Northwest MLS region closed 64,208 sales in 2023 for a total dollar volume of nearly $48 billion. The median sale price was $600,000, with the lowest median sales price seen in Columbia County ($248,500) and the highest seen in San Juan County ($892,500), followed by King County ($875,700). The most expensive school district was Mercer Island, which had a median sales price of $2,240,000.
New-homes accounted for 14.2% of all sales in 2023, with the median price for newly constructed homes reaching $699,715 across all counties. Condos, on the other hand, accounted for 13.1% of all sales — and 58% of them were located in King County.
Over 81,000 new listings were added to the MLS during the year, a 26% increase over 2022. Inventory, meanwhile, averaged a 1.79-month supply, up slightly from 1.44 months in 2022. There was approximately a two-month supply at the end of the year. Listing activity peaked in June, while the highest total active inventory was seen in September. New listings were down on a year-over-year basis in every month of 2023.
When it comes to luxury sales, agents sold 10,497 homes priced at $1 million or higher. That’s a decrease of 25.4% year over year.
All told, NWMLS ecompasses 32,478 members across 2,562 offices in 26 counties.