March 2024 NWMLS Activity

Interest rates were slightly favorable in March when they attempted to retreat from the 7’s; though recent increases may show signs in the market data to come as they have since returned. Month over month numbers looked promising compared to year over year numbers in the 26 counties served by the Northwest Multiple Listing Service (NWMLS). We’ll watch for the effect in April!

Active listings vary widely by county though, on average, they show relatively flat. Agents added 8,028 new listings to inventory last month; an increase of about 1.6 percent from the same time last year and a jump of over 23 percent from February (6,513 units). At month’s end, we saw a total of 8,100 listings; a gain of 1.16 percent from last year and 12 percent from the previous month (7,495 units). At these levels, there is about 1.57 months of inventory.

Pending sales (mutually accepted agreements) showed a similar pattern though all-in-all, they were up only 1.15 percent from March 2023; similar to total listings. Brokers secured 7,218 transactions for the month; an increase of over 21 percent from February (5,945 units).

Members reported 5,165 closed sales last month, a decrease of 11.21 percent from the year earlier (5,817 units) but an increase of over 23 percent from February (4,189 units). Median prices rose from $590,000 to $633,717 area-wide (an increase of over 7.4 percent). King County jumped 11.84 percent (from $760,000 to $850,000) while Snohomish County climbed 7.35 percent (from $680,000 to $730,000).

With interest rates still in question for buyers and sellers still looking to maximize their return, we here at Hewitt Property Group can help you decide the right timing given the current environment; let us know whether you’re buying, selling or investing and contact us today to start your plan!