February 2024 NWMLS Activity

As we enter the Spring market, we’re beginning to see some signs of increasing inventory and a slight weakening of buyer demand! These market factors lead to buyers having more to choose from while sellers are still seeing the opportunity to sell before Summer.

In February 2024, brokers of the Northwest Multiple Listing Service (NWMLS) reported 6,513 new listings added to inventory; a jump of nearly 25 percent from the same time a year earlier. King County itself was noted to have the highest new listing total in the same period; increasing over 33 percent from 1,866 units to 2,492. At the close of last month, there were 7,495 active listings in inventory; a year over year increase of just under 4 percent from last year’s 7,234 units. Area-wide, we have 1.79 months of inventory.

Total pending sales (mutually accepted agreements) of single-family homes and condos last month came in at 5,945 units; a decrease of just over 4.5 percent. Despite the decrease, 11 counties experienced an increase; notably Okanogan (+35.29%), Kittitas (+34.04%) and Adams (+33.33%) counties.

Last month marked an over 1.6 percent average decrease in closed transaction volume in the 26 counties served by the NWMLS; going from 4,258 units in February 2023 to 4,189 units last month. Even with the overall decrease, Jefferson (+70.59%) and Adams (+33.33%) counties saw a significant increase.

The median price for single family homes and condos last month was $608,111; an increase of over 5.7 percent from a year ago ($575,000). During the same period, single family homes alone increased from $595,000 to $634,900 (up 6.71%) and condos went from $430,000 to $496,500 (up 15.47%).

In this ever-changing market environment, it is important to hire a trusted and knowledgeable advisor with years of experience that can help you decide when to enter the market when it’s most advantageous to your set of circumstances; let Hewitt Property Group guide you through the process. Contact us today!

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