Summary
Home prices and sales increased despite continued limited inventory.
- Sales Prices Increase: The median sales price increased year-over-year in 19 out of 26 counties, with the highest median sale prices in King ($760,000), San Juan ($757,000), and Snohomish ($700,000).
- Selection Remains Limited: 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.
- Condominium Sales Up: Condo sales jumped nearly 21% year-over-year, with 492 units sold in January 2024.
- Interest Rates Remain Steady: With the likelihood of rates declining a bit more later in the year, we are predicting an increase in home purchase and sale activity throughout 2024.
Details
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 in 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.”
With interest rates holding steady and the likelihood of rates declining a bit more later in the year, we are predicting an increase in home purchase and sale activity for 2024.
Whether buying, selling, or investing in real estate, be sure to utilize the expertise, talent, and professionalism of our trusted real estate team. Let us know how we can help you achieve your real estate Wants, Needs, and Dreams.
*Information and statistics compiled and reported by the Northwest Multiple Listing Service.
