02/06/2024
Now that we have data for the first month of 2024, the market is showing itself to be just as aggressive as we had anticipated going into the new year.
“Prices and number of sales increased despite reduced inventory.”
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take around two months to sell every home that is active in the NWMLS inventory. The four counties with the lowest months of inventory in January 2024 were Snohomish (0.84), Thurston (1.69), King (1.78), and Pierce (1.82)
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). The median sales price increased year-over-year in 19 of the 26 counties, with the highest median sales prices in King ($760,000), San Juan ($757,000) and Snohomish ($700,000) counties.
Buyers are back but where is the inventory? If you are waiting to list later in the year, you may want to rethink selling NOW. Most all properties are seeing multiple offers and these buyers know that it’s only going to get more difficult as we head into spring when anticipated mortgage rates continue to drop, fueling even more buyers into the market. Spring also means more competition for sellers. If you are thinking of selling this year, let’s talk! DM me for a complimentary seller strategy and consultation. I’m here to be
