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Local Market Update – November 2024
Typically when fall rolls around, our local real estate market begins to cool. Last month, however, perhaps in response to lower mortgage rates, home buyers jumped excitedly into the market and sellers responded to the increased demand by listing their homes and pushing up the supply available to those buyers. Despite the addition of these homes to the market (the most in the Seattle area since pre-pandemic, according to The Seattle Times), residential prices have stayed steady or increased month over month, reflecting continued competition among buyers.
In October, the median sold price of a King County single-family home was up 9% from a year ago, from $882,997 to $960,000. Last month’s residential sales activity was remarkably strong, with the number of closed transactions up 26% from September and 33% from a year prior. October’s pending home sales were 33% higher than a year ago, a further marker of the month’s robust activity. The market for King County condos also experienced growth in October, with the number of closed sales rising 25% from September, and the median sold price rising 4% year over year, to $562,500.
In Seattle, the median sold price for a single-family home was $972,500 in October, up 8% from a year ago and 4% from September’s median of $938,006. The number of closed residential sales last month was 49% higher than in September, revealing how much the late summer/early fall market was propelled by buyers trying to take advantage of declining mortgage rates. As for residential inventory, October ended with roughly the same number of active listings it started with, but 25% more than a year ago. The Seattle condo market is seeing the effects of a major (+40%) year-over-year supply increase: the number of closed sales grew by 56% between September and October, while the median purchase price dropped 4%, from $606,000 to $580,000.
On the Eastside, the residential market kept churning despite declining inventory. Half of last month’s home sales closed at or above asking price, and the median purchase price for a home stood at $1,550,000 in October, up 9% from a year ago. Over the course of last month, the number of active Eastside listings dropped by 17%, a reflection of the busy pace of sales and a 21% year-over-year increase in the number of closed transactions. Eastside condo prices also rose in October — up 13% from a year ago and 7% from September — to a median of $740,000.
In Snohomish County last month, the median sold price of a single-family home was $810,000, up 5% from September and 11% from a year ago. The number of closed residential sales in October was 20% higher than it was for the same month last year. This surge in activity likely owes to two factors: declining interest rates drew more buyers into the late summer/early fall market just as a rising supply of Snohomish County homes provided greater selection (October ended with 22% more active listings than we saw a year ago). In the Snohomish County condo market, October’s median sold price of $509,500 was up 5% from a year ago but down 4% from September.
It will be interesting to see if either rising interest rates or a holiday season slowdown can cool the buzzy activity in our region. But tenacious buyers will continue to absorb smartly priced listings offered by sellers who stay alert to both their competition and a constantly shifting market. To navigate this real estate landscape, reach out to your Windermere broker for real-time insights and expert advice.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – October 2024
Our local real estate market has remained quite active so far this fall, with positive things happening for both buyers and sellers. Last month, every region in this report saw substantial year-over-year increases in the number of pending home sales. Residential inventory also rose in September, which is good news for buyers. And good for everyone was the continued decline of mortgage rates, which now hover about a point and a half below where they were last year. Meanwhile, sellers can take heart in September’s median sold prices, which held steady compared to August and were up compared to a year ago.
In King County, September’s median sold price for a single-family home was up 6% year over year, from $900,000 to $950,000, which is essentially flat with August’s median of $955,000. Sold prices seem to be holding steady even as the number of listings rises; September ended with 9% more residential listings than it began with and 28% more than a year ago. Pending sales were up 21% from the previous year, reflective of buyers taking full advantage of both growing supply and declining mortgage rates. The King County condo market saw increases in both median sold price – up 8% from $515,000 last September to $558,725 last month – and the number of active listings, which increased by 59% over the same span.
Seattle’s median sold price for a single-family home was $938,006 last month, up from $926,250 a year ago and $930,000 in August. September pending home sales grew by an impressive 28% year over year, still not enough to absorb the rising supply of residential listings, as the month ended with 18% more available single-family homes than it started with and 28% more than a year ago. Seattle condo prices were up 10% year over year, from $550,000 last September to $606,000 last month, even in the face of a 46% increase in the number of active condo listings over the same 12 months.
On the Eastside, the median sold price of a single-family home was $1,527,500 in September, up 7% year over year and down slightly from $1,550,000 in August. Pending home sales were up 16% from a year ago, while the number of active residential listings increased 7% from August and 10% from the same time last year. The Eastside condo market saw an interesting dynamic in September: median sold prices rose 11% year over year to $690,000, despite there being 93% more condos to choose from than there were a year ago.
Snohomish County saw September’s pending home sales increase 15% from a year ago but dip 11% from August. Last month’s prices followed these same trend lines, with September’s median residential sold price of $775,000 up 3% from a year ago but down slightly from August’s median of $780,000. By the end of last month, the number of active residential listings in Snohomish County was 21% higher than a year ago, but this inventory still only accounted for a relatively low 1.4 months of supply. County condo prices rose 6% year over year, from $498,500 to $530,000 last month, despite there being 53% more active listings than a year ago.
As we head into the cooler months, our real estate market remains relatively warm. Better mortgage rates and greater supply are creating a tentative balance between the ongoing seller’s market and newfound buyer confidence. To understand how these dynamics align with your interests and goals, reach out to your Windermere broker for real-time insights and expert advice.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – September 2024
In the waning days of summer, the local real estate market saw rising sold prices, declining mortgage rates and rising inventory. The price trend shows that sellers are still seeing gains by listing their homes. The rate and supply trends are motivating buyers to be active in the market this fall.
As of the second week of September, mortgage rates were at their lowest level in 19 months, sitting at 6.2% for a 30-year fixed-rate loan. With at least one rate cut coming from the Federal Reserve this fall, buyers and investors are feeling bullish. It will be interesting to see how our region’s supply of homes – which is significantly higher than at this time last year – gets absorbed in the coming months by rate-motivated buyers.
Last month the median sold price of a King County single-family home sold price rose 5.4% year over year, up to $955,000 from $906,250 in August 2023. The monthly trend was more encouraging to home buyers, however, as August’s median sold price dipped 4.4% from July’s $999,000. Also good for buyers: the number of single-family home listings at the end of August was 29% higher than it was a year ago. King County condo prices stayed static year-over-year at $525,000, despite a 69% jump in available supply.
Seattle saw a 3.4% year-over-year increase in single-family home prices, up to $930,000 from $899,000 in August 2023. This represented a 4.4% monthly price drop from July’s median of $972,500. At the end of August, Seattle’s supply of single-family home listings was up 34% from the previous year, which is great news for buyers, but down 8% from July levels, which could benefit sellers. Seattle condo prices dropped 3.5% year over year, from $575,000 to $555,000, a more typical response to rising inventory, which was 39% higher than a year ago.
On the Eastside, the median sold price of a single-family home was $1,550,000 in August, up 6.7% year-over-year and down 4.3% from July. Pending sales dropped 16% from July, while inventory remained relatively flat between July and August. Eastside condo prices rose 2.3% year over year to $614,000, which was down 2.2% from July’s median of $627,500. At the end of August, the supply of listed condos was up 119% from the previous year and 18% from the end of July. Eastside buyers may be giving single-family homes another look as interest rates decline.
The Snohomish County market was quite active in August, with pending unit sales of single-family homes up 8% from July and 18% from the previous year. Median sold prices were up 6.8% year over year – to $780,000 from $730,563 in August 2023 – but down 4.7% from July’s median of $818,419. This month-over-month price dip occurred even in the face of continued low supply, at 1.2 months of inventory. Snohomish County condos saw August price gains, with the $589,975 median sold price up 24.2% from a year ago and 5.4% from July, despite inventory levels that were 76% higher than a year ago.
As fall begins, our local real estate market has positive markers, strong activity and relative balance. With hopes for further interest rate drops in the coming months, there should be opportunity ahead for both buyers and sellers.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – August 2024
The lazy days of summer are upon us, but home and condo sales are not the least bit idle. Just last month every area in this report saw more homes sell and for higher median prices than a year ago. And this month we’ve witnessed the year’s single biggest one-week drop in mortgage rates, which have fallen to the lowest level in 15 months. Paired with declining mortgage rates is rising inventory, with each of the areas below seeing a year-over-year increase in the supply of both homes and condos. These trends give late-summer hope to buyers who just a few months ago faced fierce market headwinds. Late summer typically sees a much slower market, but this year buyers might just be inspired and incentivized to make things hum more than usual.
In King County, the median sold price for a single-family home increased 11% year over year, up from $897,500 in July 2023 to $999,000 last month. That reversed a price decline between May and June, after May’s record high of $1,001,000. Unit sales of single-family homes also increased in July, up 10% year over year. King County condo prices also rose last month, up 4% year over year from $510,000 last July to $530,000 last month. The number of active King County condo listings is up dramatically over last year, with a 64% jump between July 2023 and the end of last month.
Despite having the region’s highest supply of homes as measured in months of available inventory, Seattle saw the median sold price of a single-family home rise 8% year over year, from $957,000 in July 2023 to $972,500 last month. The number of Seattle homes sold in July was also up 8% from a year ago. Seattle condo prices rose 2% year over year from $550,000 to $559,000, while the number of active listings rose by 44% over a year ago. Unit sales of condos dipped by 14% last month versus July 2023.
On the Eastside, home sales were robust last month, with 32% more homes changing hands than a year ago. This was accompanied by an 8% year-over-year price gain, as the median sold price of an Eastside single-family home stood at $1,620,000 last month, slightly down from June’s mark of $1,635,000. In July, 43% of home sales closed above asking price, compared to the year’s peak of 59% in April. And July’s condo prices rose 5% year over year to $627,500, despite an 83% increase in the number of actively listed Eastside condos.
By the end of July, the number of for-sale Snohomish County homes was up 38% year over year. Despite this, the median sold price of a single-family home rose 9% compared to July 2023. The Snohomish County condo market experienced a similar dynamic last month, with the median sold price rising 13% (from $495,000 a year ago to $560,000) despite a massive (137%) jump in the number of listed units. Last month, 21% more condos changed hands than in July 2023.
Similar stories are reflected throughout the markets reported above: growing supply meeting steady buyer activity leading to prices that are also holding steady. Some of these dynamics may seem counterintuitive, but they reflect a transitioning market and, combined with lower mortgage rates, a season of renewed opportunity for many buyers.
Whether you’re a buyer or seller, your Windermere advisor can shed more light on how best to navigate this market to your advantage.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – July 2024
As temperatures rise, so has the supply of for-sale homes in our area. Last month, active inventory continued its upward trajectory, which is leading to some summer price stabilization. Every region represented here saw a rise in the number of single-family homes and condos for sale in June. And while median sold prices did increase over last year in most cases, they dipped or were flat when compared to May.
Home buyers needing a little more time to find the right home can breathe a bit easier. With the rate of price increases slowing and the number of available single-family homes growing, there’s a little less pressure to act quite as fast as springtime bidding wars necessitated. While it’s still a seller’s market, buyers who’ve been sitting on the sidelines can now dip their toes back into a somewhat mellower market. That said, in hot areas like the Eastside, half of homes sold in June closed above list price and in an average of five days.
Let’s break it down by area to see what’s heating up and cooling down this summer.
In King County, the median sold price for a single-family home increased from $935,000 in June 2023 to $965,000 last month. However, June sold prices decreased by 4% from May’s record-high price of $1,001,000. While these numbers likely reveal the effect of higher inventory, 43% of King County homes sold in June closed above list price. As of June 30, active residential listings were up 31% year over year and 12% month over month. King County condo prices rose 5% year over year from $529,975 last June to $555,090 last month. The increase is despite a 75% year-over-year jump in the number of active condo listings, up from 832 units on June 30, 2023, to 1,453 last month.
In Seattle, residential sold price increases are showing signs of slowing, with last month’s median of $957,000 up just 3% from a year ago and dropping 1% between May and June. This trend is likely a result of the healthy dose of new listings inventory over the past few months, as buyers now have more options and bidding wars have lessened. June saw many more residential listings hit the market, and by month’s end inventory was up 30% from the end of May and 27% year over year. Seattle condo prices stayed flat month to month at $550,000. Sensing calmer pricing on the horizon, it will be interesting to see if some potential condo buyers might be able to give the single-family housing market a second look.
The June residential real estate market on the Eastside saw substantial year-over-year price gains but experienced a 4% decrease from May’s median sold price. Half of the homes sold in June received multiple offers, with the sales price exceeding the original asking price by a median of 7 percent. While these figures show a healthy seller’s market carrying over from May to June closings, the remaining summer months are likely to provide more balance for Eastside buyers, with fewer multiple offers and lengthening market times. June saw a growing supply of homes: the number of active residential listings rose 16% over the course of the month. Eastside condo prices dropped year over year from $650,000 last June to $637,500 last month, and the supply of listed condos grew by 19% during the month.
Snohomish County single-family home prices rose 7% year over year, up from $774,975 in June 2023 to $830,000 this June. Month-over-month prices, however, were flat: the median residential sold price was $830,000 in June versus $828,000 in May. The number of active listings was up 38% year over year and 21% higher at the end of June than at the end of May. Increasing inventory is happy news to home buyers and may help moderate prices in the coming months. The median sold price for a Snohomish County condo in June was up 5% against last year but down 5% from May. Between June 1 and June 30, there was a 26% increase in the number of active condo listings in Snohomish County.
In all markets reported above, the same trend lines have formed: price increases are slowing – or stopping altogether – and inventory is growing. The strong spring seller’s market has given way to a summer of more balance, with renewed opportunity for many buyers.
Your Windermere advisor can provide a clear, real-time picture of the market and its summertime trends, focusing on your priorities and presenting the best match for your real estate goals.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – June 2024
The numbers are in, and last month’s real estate sales data in our region told two tales. The first is of a market that has had far more demand than supply, with rising prices and quickening market times reflecting this imbalance. The second tale is of a market attracting the attention of sellers eager to list their homes while prices are at their peak, finally helping address the demand-supply imbalance and giving buyers renewed hope after a challenging spring.
In May, both inventory levels and closed sales transactions increased compared to a year ago, indicating that home buyers and sellers alike have adjusted to interest rates hovering around 7%. Market strategists are hopeful that for-sale inventory will continue its upward trend, which could stabilize price levels over the summer months.
In May, the median sold price of a King County home hit the million-dollar mark, increasing 10% year over year to $1,001,000. This record-high price largely reflects home sales that went under contract in April, when inventory was at its scarcest and buyer competition at its most intense, with the majority of homes selling above list price and in under a week. King County condos also saw sold prices jump in May, rising 18% year over year to $595,000. As a counter to these price increases, the supply logjam is starting to break. By the end of May, King County had 48% more active residential listings and 26% more condo listings than it did when the month started. This influx of new inventory should help modulate prices in the months ahead.
Last month, the median sold price of a Seattle single-family home increased 7% year over year to $965,000. There were 13% more homes sold than a year ago and 68% closed at or above list price. Seattle condo prices rose in May, too, up 9% from $550,000 last year to $600,000. Despite these price increases, there is hope on the horizon for buyers: more selection to choose from. By May 31, the number of actively listed single-family homes was up 41% from May 1, and condo supply had risen by 20% during the month. This new inventory might slow price growth and offer light at the end of the tunnel for Seattle home and condo buyers previously shut out of the competitive spring market.
The Eastside real estate market saw a 32% year-over-year increase in the number of single-family homes sold in May, as well as a 17% bump in median residential sold prices, up from $1,450,000 a year ago to $1,699,975. Of the homes sold on the Eastside last month, almost 6 in 10 closed above list price, and those averaged only five days on the market. Despite these hyper-competitive factors, we may see upcoming market mellowing in both price and pace, as the Eastside had 53% more active residential listings on May 31 than it had on May 1. The same dynamics played out in the Eastside condo market: Closed unit sales jumped 36% year over year, median sold prices were up 29% to $748,500, and active inventory climbed 38% over the course of the month.
In Snohomish County, the median sold price of a single-family home rose 6% year over year, from $780,000 in May 2023 to $828,000. Over half of May’s sold homes closed above list price and 89% sold in 30 days or less. These data reflect closed sales of listings that went under contract during the peak of the spring market, and as with the other three regions above, we may begin to see some market modulation in the coming months due to increased inventory. Snohomish County had 84% more residential listings and 32% more condo listings at the end of May than at the start of the month, a meteoric increase indeed.
In a market where bidding wars have been the norm and buyer competition has pushed home and condo prices ever higher, an infusion of new inventory is like a breath of fresh air. Though May’s sales data reflect the outcome of a seller-friendly spring market, the summer months should be an interesting mix of mellowing competition and sidelined buyers re-engaging with a more open listings landscape.
For help navigating this shift in the market, reach out to your Windermere broker. With a deep understanding of current trends and a laser focus on your priorities, they’ll provide personalized guidance and detailed analysis to help you achieve your goals.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – May 2024
Our local real estate market is exhibiting seasonal strength, with most areas seeing month-over-month and year-over-year sales gains. Despite continued interest rate increases, which can constrain both buyers and sellers, the number of closed transactions in King and Snohomish counties has risen for three straight months. This suggests that both sides of the table are figuring out how to adjust to the higher interest rate environment.
In King County, both home and condo prices soared again last month. The median residential sold price of a single-family home was $980,000, up 12% from April 2023. Despite the rise in interest rates and in light of low inventory, 70% of the country’s home sales closed at or above list price. King County condo prices also rose last month, with the median sold price up 15% from a year ago, to $580,000.
Seattle saw a drop in residential inventory last month, continuing to spur competition among homebuyers for the best listings. The median sold price of a single-family home within the city limits was $997,900 in April, up 13% year over year, and 68% of closed transactions sold at or above the list price. Seattle condo prices rose again, to a median of $599,000, even with 51% more units in play than a year ago.
Eastside single-family home prices rose to $1,677,500 last month, up 16% compared to a year ago. Nearly three-quarters of those sales closed at or above list price, likely driven by a 33% year-over-year drop in available supply, which stood at just 0.7 months of inventory by month’s end. Eastside condo prices rose 17% year over year, from $620,000 in April 2023 to $722,500 last month.
Last month, Snohomish County saw a high rate of closed residential transactions – 76% – that sold at or above asking price. With the number of active residential listings down 10% compared to last year, competition among homebuyers was quite strong. The median sold price of a Snohomish County single-family home rose to $799,500 in April, up 4% from a year prior. Conversely, Snohomish County median condo prices dropped by 4% year over year, to $525,000 last month.
In this market, buyers who find a home they love will need to be ready to compete and willing to stomach rising interest rates. There is some market optimism that the next four to six months will see higher levels of for-sale inventory that will have an impact on stabilizing price levels. In the meantime, prospective home and condo sellers will likely continue to encounter strong interest and offers from buyers, along with fast market times.
Whether you’re waiting on the sidelines for the perfect moment to jump into the market or have taken the plunge and are actively seeking to buy or sell, your Windermere broker will provide valuable insights to help you best navigate the spring and summer market ahead.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – April 2024
It’s the time of year when for-sale signs typically start popping up like tulips and daffodils. Houses show well in the spring, just as the number of homebuyers peaks and sellers feel more ready to list. While we are seeing the market thaw this spring, challenges remain, especially for buyers. There remain more buyers in the market than available homes, an imbalance that’s driving up prices despite mortgage rates that still hover in the upper six-percent range.
Following suit from the prior two months, King County home and condo prices rose again in March. The median residential sold price of a single-family home was $945,000, up 13% from a year ago. The percent of homes selling above asking price increased by 14% year over year, with those properties selling in less than a week. Supply dropped to just 0.8 months of inventory, feeding the competition for single-family homes. King County condo prices also jumped last month, with the median sold price up 7% from a year ago, to $540,000.
Seattle’s supply of available homes – as measured in months of inventory – remained stable month to month. The median sold price for a Seattle single-family home landed at $925,000 in March, up 10% from a year ago. Conversely there was a 4% month-over-month drop in the portion of homes selling above asking price, yet nearly 60% of sold homes still closed at or above asking price. Seattle condo prices leapt by 10% year over year, up to $587,500, despite there being 19% more active listings than there were a year ago.
Eastside single-family home prices jumped 19% in March compared to a year ago, up from $1,411,500 last year to $1,682,500 this year. Competition remains fierce among Eastside buyers, with more than half of all sold homes closing above asking price, and 85% going under contract in 30 days or fewer. At 0.6 months of supply, inventory is very low, having decreased by 46% year over year. Eastside condo prices increased at a more modest pace last month, up 4% year over year, from a median of $585,000 to $610,000.
The median sold price of a Snohomish County single-family home rose to $760,000 in February, up 5% from a year prior. Supply – as measured in months of inventory – remained low at 0.6, resulting in almost half of all sold homes closing above list price and 83% going under contract in 30 days or fewer. Snohomish condo prices also rose, up 4% year over year, from $495,000 to $515,000 last month.
In this spring market, buyers who find a home they love will typically need to be prepared to act fast and compete against multiple offers. The current market’s dynamics are fueled by low supply, with not enough new listings coming on the market to offset the number of listings going under contract each month. Prospective home and condo sellers may be motivated by the multiple offers, fast market times and higher sold prices being generated by so much buyer competition. But many still wait on the sidelines, watching to see when mortgage rates drop so they can feel better about giving up their current lower rate in order to jump back into the market.
When faced with a fast-moving and shifting market, it’s important to have a knowledgeable expert by your side. Your Windermere broker is ready to provide the insight you need regarding your local market, as well as the context and direction to help you make the best decisions as either buyer or seller.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – March 2024
Seasonal changes are starting to take shape across the region and the local real estate market is experiencing cautious optimism. As we transition from winter to spring, home and condo sales are increasing, in both units and price. Low inventory means motivated sellers are finding success in about a week’s time, while buyers thread the needle between needing to present enticing offers and having to adjust their price ceilings due to recent mortgage rate increases.
Last month was the second month in a row that King County home and condo prices rose. February’s median residential sold price increased to $914,500, up 14% from a year prior, while the number of homes selling over list price rose by 16 percent. These homes averaged just under a week on the market, likely due to the continued low inventory of available properties. King County condo prices jumped 17% year over year, from $468,500 in February 2023 to $550,000 last month.
In Seattle, the median sold price for a single-family home increased 12% year over year, from $825,000 in February 2023 to $927,450 last month. The market pace picked up in February, with 41% of homes selling above list price and in just over a week. Inventory still sits around one month’s supply, benefiting sellers who are ready to list. Seattle condo prices also are on the rise, with an 8% year-over-year jump to $558,000, up from $515,000 in February 2023. Condo inventory in the city was up 16% between February 2023 and 2024, from 1.7 to 2.0 months of supply.
The median sold price for a single-family home on the Eastside experienced a 10% jump year over year, from $1,340,000 in February 2023 to $1,470,000 last month. In that time, supply (as measured in months of inventory) dropped from 1.1 to 0.8, spurring competition among buyers – 42% of homes sold above list price and in an average of 5 days. Eastside condo prices leapt by 23%, from $540,000 in February 2023 to $665,000 last month.
The median sold price of a Snohomish County home rose again last month, to $750,990 in February, up 9% from a year prior. Inventory remained the lowest of any area reported here, at just 0.6 months of supply. Homes are moving quickly, with 35% selling above the asking price and in an average of six days. Snohomish County condo prices jumped by 14% last month compared to February 2024, up from $437,725 to $500,000.
Homes are selling faster and with more offers, benefiting sellers ready to enter the market while spurring competition among buyers. Despite a quarter-percent interest rate increase over the past month, prospective buyers have strong motivation to get under contract in the face of rising prices. And on-the-fence sellers – of both condos and single-family homes – also have price motivation to engage with this market.
When faced with a rapidly moving market, it’s vital to have a knowledgeable expert by your side. Your Windermere broker is ready to provide invaluable insight regarding the evolving dynamics of your local market and can guide you to make the right move at the right time to achieve your real estate goals.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – February 2024
Like some plants and trees, the local real estate market is starting to bloom. Last month, median residential sold prices increased in each of the four geographic areas covered below. That’s welcome news for intending home sellers, who are also benefitting from continued low inventory region-wide. At the same time, local buyers are seeing stabilizing interest rates (currently in the mid-6-percent range) while confronting hefty competition for available properties. With residential supply shrinking last month, compelling offers continue to be the key to buyers securing a home.
In King County last month, single-family home prices rose by 9% year over year, to $849,850. Condo prices gained momentum as well, rising to $495,000 last month, up 10% from $450,000 a year ago. With limited new listings coming on the market in January, the inventory of available King County single-family homes dropped to 1.0 months of supply, down from 1.3 months at the end of December 2023.
Seattle also saw an increase in home prices last month, with an 8% year-over-year jump to $869,000, up from $803,750 in January 2023. The supply of homes in Seattle dropped from 1.7 months to 1.0 months, spurring buyer competition. Seattle condo prices also rose year over year, from $487,500 in January 2023 to $537,500 last month, while supply dipped to 2.1 months of inventory, having started the year at 2.5 months.
On the Eastside, the median sold price for a single-family home was $1,465,000 in January, up 11% from $1,320,000 the year prior. The supply of Eastside homes dropped from 1.2 months of inventory at the beginning of January to just 0.9 months by February 1, and more than half of the area’s available homes sold in under 30 days. Condo prices also rose last month, though at a slower rate. The median sold price for an Eastside condo increased 5% to $570,000, up from $543,000 in January 2023.
Snohomish County home prices rebounded last month, perhaps feeling the effects of a continued drop in inventory. The median residential sold price increased by 4% year over year, up from $699,000 in January 2023 to $729,990 last month. By the end of January, the supply of Snohomish County single-family homes stood at just 0.6 months of inventory. Perhaps reflecting these supply constraints, the median sold price for a Snohomish County condo jumped by 13% last month compared to January 2023.
While real estate market activity has remained slow in accordance with seasonal buying patterns and low inventory, residential prices have been on the rise. The regional condo market, despite its comparatively greater supply (as measured in months of inventory), has seen its share of recent price gains as well.
In the face of a rapidly evolving market, it’s more important than ever to connect with your Windermere broker. They can provide insight into the changing dynamics of regional submarkets, offer nuanced expertise and move quickly when the time is right for you to attain your real estate goals.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
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This post originally appeared on GetTheWReport.com.
