FEBRUARY 2024
REAL ESTATE NEWSLETTER
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Worst Day For Mortgage Rates In More Than A Year!
January 2024 was a Seller's Market!
- Fewer homes were listed for sale than last year and also dropped from the previous month.
- The number of homes sold slightly decreased compared to last year and more significantly from the previous month.
- More homes were under contract compared to the previous month, but slightly fewer when compared to the same time last year.
- There was less inventory of homes available for sale based on how many homes were sold, lasting about 2.1 months, which is less than last year.
- The average price for each square foot of sold homes remained the same as the previous month but was higher than last year.
- The median sold price of homes stayed the same as last month, while the average sold price saw a small increase from last month. The trend for the average sold price was stable over the last six months, but the median sold price was slightly decreasing.
- Homes were selling faster than the previous year, with the time on the market decreasing, and the selling price was closer to the listing price compared to last year.
REAL ESTATE MARKET NEWS
The real estate market has maintained its expected seasonal pace, with interest rates showing minor fluctuations, moving from 6.69% in January to a slightly lower 6.63% recently. In a positive turn, January 2024 witnessed a 3% increase in home sales across Washington, marking a significant recovery from an 11% decline in December 2023. Home and condo prices have seen a healthy growth, with January's median sale price reaching $593,500, up 6.5% from the previous year. This price increase was noted in 19 out of 26 counties, highlighting a robust demand, especially in King, San Juan, and Snohomish counties, where the highest prices were recorded. Despite a decrease in available homes for sale, which has intensified the market competition, the overall market remains vibrant with a notable 21% surge in condo sales and many counties reporting increased sales, reflecting a resilient and positive real estate environment.
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EVENTS AND HIGHLIGHTS OF FEBRUARY
If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the next market update.
OR if you would like more information on our unique systems and programs, call us at 425-236-6777 or visit our website www.GeorgeMoorhead.com
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