February numbers are in, here's the recap:
The real estate market has followed its usual seasonal trend, with increasing activity as we transition into spring. Interest rates saw a slight increase to 6.94% over the past month, affecting both buyers' affordability and sellers' decisions to list their properties. In February 2024, closed sales transactions in Washington counties covered by NWMLS decreased by nearly 2% compared to the previous year. However, median prices continued to climb, rising by almost 6% year-over-year.
Key Points from February's Data:
- Median home prices increased in 19 out of 26 counties compared to February 2023.
- King, Snohomish, and San Juan counties boasted the highest median sale prices, while Grant, Pacific, and Columbia counties had the lowest.
- The number of homes on the market increased in 17 out of 26 counties, leading to an overall 4% rise in active property listings.
- Ten counties saw an increase in the number of homes sold year-over-year, while 14 experienced a decrease. King and Pacific counties remained relatively stable.
- Condominium sales showed robust growth, with a 9% increase in units sold and a median sale price rise of over 15% year-over-year.
Insight from Mason Virant, Associate Director of the Washington Center for Real Estate Research at The University of Washington:
"While seller reluctance has kept inventory levels low, we've seen a slight improvement of 4% in year-over-year inventory levels compared to February 2023. Despite a 2% decline in transaction volume from last year, limited inventory has heightened buyer competition, resulting in a nearly 6% increase in median home prices across NWMLS-covered counties."
February 2024 Residential & Condo Market Snapshot
for King, Snohomish, & Pierce County
February 2024 Median Home Prices YoY
by County & % of Price Change
As observed, 2024 median residential home prices have increased from 2023.
February 2024 Median Home Sales
by City & % of Price Change
The majority of cities have seen a median increase in sale prices from 2023.
