January 2024 Overview
Monthly Market Update
Prices and number of sales increased despite reduced inventoryActive Listings
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). The volume of homes on the market has continued to decline throughout Washington with 15 out of 26 counties covered by NWMLS seeing a year-over-year decrease.
New Listings
NWMLS brokers added 4,954 new listings to the database in January 2024, which is nearly the same (+.6%) as in January 2023, when 4,925 new listings were added.
Pending Sales
There were 5,282 total residential units & condo units under contract in January 2024, a decrease of 8.6% when compared to January 2023 (5,776).
Despite the overall decrease, there were 10 counties that had a year-over-year increase in the number of pending sales, in Adams, Chelan, Clallam, Clark, Grant, Grays Harbor, Jefferson, Kittitas, Pacific, and Whatcom counties.
Closed Sales
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 (-11%). The total dollar value of closed sales for residential homes for this month was $2,161,883,933 and was $264,930,742 for condominiums.
The seven counties with the highest increases in the number of homes sold year over year were Walla Walla (+61%), Chelan (+60%), Kittitas (+36%), Thurston (+17%), Snohomish (+11%), Douglas (+11%), and Whatcom (+9%).
Months of 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).
Median Price
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.
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