January numbers are in, here's the recap:
In January 2024, the real estate market saw a typical seasonal slowdown, but with some noteworthy trends. Interest rates remained fairly steady, and closed sales transactions increased by 3% compared to the previous year. The median price for residential homes and condos rose to $760,000 in King, $700,000 in Snohomish, and $526,700 in Pierce. This marks a 6.5% increase from the previous January.
Key points include:
- Median sales prices increased in 19 out of 26 counties, with King, San Juan, and Snohomish having the highest prices.
- Inventory levels continued to drop in 15 counties, with a total decrease of nearly 14% compared to the previous year (7.084 active listings in 2024 vs 8,220 active listings in January 2023).
- Despite lower inventory, 13 counties saw an increase in homes sold year-over-year.
- Condominium sales spiked by almost 21%, with a 7% increase in median prices compared to the previous year.
Mason Virant from the Washington Center for Real Estate Research at The University of Washington noted that seller reluctance contributed to declining inventory levels, but there was a positive trend in sales transactions. Low inventory led to increased competition among buyers, resulting in a nearly 7% year-over-year increase in median home prices.
Check out the full article here.
source: nwmls.com
January 2024 Residential & Condo Market Snapshot for King, Snohomish, & Pierce County
January 2024 Median Home Prices by City & % of Price Change from Last Month
As observed, most cities experienced a price increase compared to the previous month. This has been trending for the last few months.
