Alchemy Index | November 2022

Published on Dec 05, 2022

Seattle Market Summary | Data from Alchemy Real Estate and the MLS

Overall Home Sales Volumes

Where the volume of all Seattle homes sold in November of 2021 was 1,156 units, August 2022 slipped to 944 sales. Last month we saw a significant reduction in volume to 595 for closed home sales – roughly a 50% decline in volume year over year. Though supply is still tight in many neighborhoods, prices have come down, and the seller’s market is long-gone as we’ve seen a flip to a buyer’s advantage this fall.
Closed Sales This Month- New Construction Homes
Median Sales Price This Month- New Construction Homes
Alchemy Index
7
Index Overview
We’re pinning our index at 7 as of December 5 2022 as inventories are still tight, prices are starting to come down and sales volumes hold steady at about 50% of the volumes seen at the peak of the low interest – post pandemic buying frenzy from a year ago. A 7 index translates to a buyer’s market, with prices holding steady or in some cases coming down.
Market Outlook
Most of our lenders expect to see mortgage rates stabilize and fluctuate in the 5.5% – 6.25% range during Q1 of 2023 as the federal government’s inflation reduction tactics start to take effect on the overall economy.

NEIGHBORHOOD SNAPSHOT

If you are looking for a Seattle neighborhood with a ton of real estate upside, look at North Beacon Hill. Transit access, affordable new housing options, and great shops and restaurants along Beacon Avenue offer all the conveniences you expect in a prime neighborhood. Super close to the urban core, homes in North Beacon Hill have the potential for great views, easy commutes, and great walkability. And, per the data below, North Beacon Hill has had very strong price appreciation over the past year.
FEATURED PROJECT OF THE MONTH
Jefferson Six
A particularly strong project for Alchemy Real Estate has been our Jefferson 6 project at 3016 13th Ave. S. This 6-home site on North Beacon Hill has had 4 of 6 units go pending in just under 60 days. The location, floorplans, and execution of these two bedroom + 1.5 bath homes has proven to be a winner with buyers looking for new construction, excellent location and superior quality at an affordable price.

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