Seller Sentiment

Released July 1, 2022

We're going to dive into a new metric that I just figured out a way to report on, the percent of offers with offer review dates. An offer review date is used to turn a listing into a quasi-auction by setting a date where the seller will review offers. This is the best indicator of seller confidence. We've been humming along with about 60% of listings using offer review dates, then a run-up this spring where buyers were frantically trying to get ahead of mortgage rates and now offer review dates are DOWN 71%. Sellers are starting to get the memo that we're past the insane bidding wars. Don't worry, we're still showing 19% of listings with offer review dates in June and good homes in good locations are still seeing bidding wars.

Data details: For these charts I downloaded King County residential sales from January 2021 to yesterday, June 30, 2022 from the NWMLS.