2022 started out the year with both historically low interest rates and record low inventory. This created a very hot (seller’s) market across the NWMLS and the Greater Seattle condo market. For example, 2021 ended with the Freddie Mac 30 year fixed rate of 3.05% and NWMLS had 0.40 months of housing inventory. In comparison, at the end of 2022, Freddie Mac 30 year interest rate was 6.42% and inventory was at 2.09 months. Thus the real estate market changed drastically over the course of the year. Nevertheless, the condo market had modest increases at year end. Across the NMWLS, condo prices were up 1.15% in December 2022 compared to December 2021. In addition, for the year, 2022 median prices finished above the previous year.Looking at the Seattle condo market, where the vast maj...
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