February 2024 NWMLS Activity

Posted: March 26, 2024 | Author: | Filed under: General Area Info, Real Estate Statistics | Tags: , , , , , , , , , | Leave a comment

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!

December 2023 NWMLS Activity

Posted: January 21, 2024 | Author: | Filed under: General Area Info, Real Estate Statistics | Tags: , , , , , , , , | Leave a comment

Real Estate Insights from 2023

Your Guide to the Northwest Real Estate Market

Welcome to our annual real estate market recap for 2023. We’re here to keep you informed about the latest trends and insights in the Northwest real estate market. Let’s dive into the key highlights…

1. Sales Overview
In 2023, Northwest MLS members reported 64,208 residential home and condo sales, totaling over $48 billion. Residential homes accounted for 87% of sales, while condos made up 13%.

2. Year-Over-Year Changes
Compared to 2022, 2023 saw a decrease of 23.6% in sales, primarily due to low inventory and rising interest rates. This marks the second year of declining sales since the record highs of 2021.

3. Median Prices
The median price for completed transactions in 2023 was $600,000, showing a 2.44% decrease from 2022. Both residential homes and condos experienced slight decreases in median prices.

4. Inventory and New Listings
Brokers added 81,612 new listings in 2023, down by 26.01% from the previous year. Inventory remained low, with an average of 1.77 months of supply, well below the balanced market range.

5. Regional Insights
Certain counties, including King, Pierce, and Snohomish, witnessed decreases in median prices, providing opportunities for buyers.

6. Buyer Trends
More buyers purchased homes under $500,000 in 2023 (35.69% compared to 29% in 2022), reflecting changing preferences.

7. New Construction
NWMLS members sold 9,130 newly constructed units, accounting for 14.2% of sales in 2023. The median price for all new construction was $700,000, with slight decreases from the previous year.

8. Market Outlook
Interest rates started to lower in late 2023, bringing optimism for the housing market in the new year.

While 2023 presented challenges, it also brings opportunities for savvy homeowners and buyers. Stay tuned for more updates on the Northwest real estate market in 2024.

Thank you for trusting us as your source for all your real estate needs. If you have any questions or need personalized advice, feel free to reach out. Wishing you a successful and rewarding year in real estate!

Hewitt Property Group
expert@kw.com
425-481-8889