Ron Stephens

Key Metrics	July 2022	July 2023	% Change
New Listings	4024	3031	-24.7%
Homes For Sale	5601	3940	-26.6%
Closed Sales	2514	2166	-13.8%
Days On Market	7	7	+0%
Median Price	$810,000	$800,000	-1.2%
Price Per Sq Ft	$489	$482	-1.4%
Percent Of List Price	100%	100%	+0%

Maple Valley Area

Key Metrics	July 2022	July 2023	% Change
New Listings	149	105	-29.5%
Homes For Sale	270	143	-47.0%
Closed Sales	155	93	-40.0%
Days On Market	11	6	-45.5%
Median Price	$813,765	$780,000	-4.1%
Price Per Sq Ft	$360	$368	+2.2%
Percent Of List Price	100.0%	100.0%	+0%

*If this data interests you, I highly recommend you look at the charts for a clear picture of the trend in each category.

The Key Metrics in left column contain hyperlinks to NWMLS charts*

KEY TAKEAWAYS:

Remember, "year over year" means we are comparing last month's numbers with the same month one year ago. So last month (July 2023) is slightly lower than July 2022.

However, for this entire year, beginning in January 2023, prices have increased steadily, to the point that they have almost risen back to their extreme highs of 2022.

On the charts above, if you look at Price per Square Foot, it looks like we are just about back to last year's prices.

Chart Showing Median Home Sales Prices for King County from January 2020 to July 2023

If you look at the markings I put on the chart above, you can see that the steep rise in prices since January (green arrows), dipped a little lower last month (red arrow).

That dip is more of a seasonal adjustment than the beginning of another big drop in prices.

Also, if you look at the highest peak on the chart which represents May 2022, you see prices dropped for seven months due to the increase in mortgage rates.

For those who have been worried about a housing crash, that was probably it.

From December 2022 until the present (green arrows), we have seen a recovery in home prices.

Our hope and expectations are that from here we see more normal pricing ups and downs without the big drop like we saw from December until now.