Local Market Update – February 2024
Like some plants and trees, the local real estate market is starting to bloom. Last month, median residential sold prices increased in each of the four geographic areas covered below. That’s welcome news for intending home sellers, who are also benefitting from continued low inventory region-wide. At the same time, local buyers are seeing stabilizing interest rates (currently in the mid-6-percent range) while confronting hefty competition for available properties. With residential supply shrinking last month, compelling offers continue to be the key to buyers securing a home.
In King County last month, single-family home prices rose by 9% year over year, to $849,850. Condo prices gained momentum as well, rising to $495,000 last month, up 10% from $450,000 a year ago. With limited new listings coming on the market in January, the inventory of available King County single-family homes dropped to 1.0 months of supply, down from 1.3 months at the end of December 2023.
Seattle also saw an increase in home prices last month, with an 8% year-over-year jump to $869,000, up from $803,750 in January 2023. The supply of homes in Seattle dropped from 1.7 months to 1.0 months, spurring buyer competition. Seattle condo prices also rose year over year, from $487,500 in January 2023 to $537,500 last month, while supply dipped to 2.1 months of inventory, having started the year at 2.5 months.
On the Eastside, the median sold price for a single-family home was $1,465,000 in January, up 11% from $1,320,000 the year prior. The supply of Eastside homes dropped from 1.2 months of inventory at the beginning of January to just 0.9 months by February 1, and more than half of the area’s available homes sold in under 30 days. Condo prices also rose last month, though at a slower rate. The median sold price for an Eastside condo increased 5% to $570,000, up from $543,000 in January 2023.
Snohomish County home prices rebounded last month, perhaps feeling the effects of a continued drop in inventory. The median residential sold price increased by 4% year over year, up from $699,000 in January 2023 to $729,990 last month. By the end of January, the supply of Snohomish County single-family homes stood at just 0.6 months of inventory. Perhaps reflecting these supply constraints, the median sold price for a Snohomish County condo jumped by 13% last month compared to January 2023.
While real estate market activity has remained slow in accordance with seasonal buying patterns and low inventory, residential prices have been on the rise. The regional condo market, despite its comparatively greater supply (as measured in months of inventory), has seen its share of recent price gains as well.
In the face of a rapidly evolving market, it’s more important than ever to connect with a REALTOR® like me, who will provide insight into the changing dynamics of regional submarkets, offer nuanced expertise and move quickly when the time is right for you to attain your real estate goals.
Questions? Let’s connect, reach out to me anytime.
