Northwest MLS, the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for the month of January 2024.
Prices and number of sales increased despite reduced inventory
Real estate market activity has remained slow in accordance with typical seasonal patterns. Interest rates held steady through the month of January to end at 6.69%; at the time of this publication, there was a slight decrease to 6.63%. For the Washington counties covered by the NWMLS, January 2024 saw a 3% increase in closed sales transactions year-over-year, an improvement from December 2023’s year-over-year change in closed sales transactions, which was a decrease of 11%. Overall, the median price for residential homes and condominiums sold in January 2024 was $593,500, up 6.5% when compared to January 2023 ($557,250).
Important takeaways from January’s data:
- The median sales price increased year-over-year 19 out of 26 counties, with the highest median sale prices in King ($760,000), San Juan ($757,000) and Snohomish ($700,000). The three counties with the lowest median priced homes sold were Columbia ($235,000), Pacific ($250,900) and Grays Harbor ($305,000).
- The volume of homes on the market has continued to decline throughout Washington with 15 out of 26 counties seeing a year-over-year decrease. There were 7,084 active listings on the market at the end of January 2024, a decrease of nearly 14% compared to January 2023 (8,220).
- Despite the decrease in available inventory, 13 of the 26 counties in the report experienced an increase in the number of homes sold year-over-year.
- Condominium sales jumped nearly 21% year-over-year, with 492 units sold in January 2024. The median price of condominium sales increased 7% year-over-year from $424,000 in January 2023 to $453,750 in January 2024.
“Seller reluctance has led to a continued decline in year-over-year inventory levels, an overall 14% decrease of active listings on the market,” said Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington. “Encouragingly, year-over-year sales transactions saw a 3% improvement over January 2023. Low levels of for-sale inventory have led to increased competition amongst buyers, producing a nearly 7% year-over-year increase in median home prices across the Washington counties covered by the NWMLS.”
*Information derived from the Northwest Multiple Listing Service
In summary, the Washington real estate market remains in a state of flux, characterized by its ability to adapt and thrive in the face of changing circumstances. As real estate brokers with years of experience, we view these ongoing trends as a testament to the market's resilience, driven by a delicate interplay of factors that include inventory levels and the ever-shifting dynamics of buyer demand.
One of the key takeaways from this market update is the undeniable strength of the Washington real estate market. Despite seasonal variations and external influences, it has continued to demonstrate its vitality. This is a market that doesn't simply react; it evolves and adjusts, creating opportunities for both buyers and sellers.
To make the most of this dynamic environment, it's essential to stay well-informed. Monitoring monthly statistics and market trends is not just a suggestion; it's a strategic imperative. This data-driven approach empowers you to make informed decisions, whether you're buying, selling, or simply keeping a watchful eye on your investment.
For those contemplating entering the market, it's crucial to be prepared. The competitive nature of the current landscape means you may encounter multiple offers on properties of interest. Moreover, the potential for price increases underscores the urgency of staying ahead of the curve.
In this intricate real estate ecosystem, you don't have to navigate it alone. When you work with us, you'll discover that we're not just your typical real estate brokers- we're your trusted partners in the journey to find your dream home or maximize the value of your property. Our personalized guidance and expert assistance are at your disposal. When you work with us, you benefit from our deep knowledge of the Washington market, our commitment to your goals, and our unwavering dedication to providing you with the highest level of service.
So, whether you're a seasoned investor or a first-time homebuyer, remember that the Washington real estate market is a dynamic and ever-changing landscape. By staying informed, being prepared, and enlisting ourS&A expertise, you're positioning yourself for success in this exciting and competitive arena. Your real estate journey starts here, and we're honored to be your partners every step of the way.