February 19th, 2024 by Debra Teal
Diving into the dynamic world of real estate, January has unveiled a tale of subtle shifts. Interest rates danced on the edge of constancy, closing at 6.69% before gliding downwards to 6.63% as the month unfolded. A breath of fresh air swept through the Washington counties, with a delightful 3% surge in closed sales transactions year-over-year, a welcome departure from the 11% downturn witnessed in the frosty December of 2023.
Amidst this market waltz, the median price for residential gems and luxurious condos that changed hands in January 2024 shone brightly at $593,500, a 6.5% leap from the previous year’s $557,250. It’s as if each property whispered stories of growth and opportunity, painting a canvas of promise for both buyers and sellers alike.
January 2024 Recap in Seattle, WA Real Estate
Behold the majestic rise in median sales prices, a spectacle witnessed in 19 out of 26 counties! King ($760,000), San Juan ($757,000), and Snohomish ($700,000) stand tall as the monarchs of median sale prices, casting a regal glow over the real estate realm. Meanwhile, Columbia ($235,000), Pacific ($250,900), and Grays Harbor ($305,000) humbly hold court as the realms of affordability, where humble abodes find their place in the sun.
Home inventory continues its enigmatic dance across Washington, with 15 counties witnessing a year-over-year decrease. The final act of January 2024 unveils a tapestry of 7,084 active listings, supply at a 14% decline from January 2023’s 8,220. Yet, amidst this ebb and flow, 13 counties defy the odds, showcasing a crescendo of homes sold year-over-year, a testament to the resilience of the market’s heartbeat.
Enter the realm of condominiums, where sales soar like eagles, a 21% leap year-over-year! 492 units find new owners in the landscape of January 2024, each transaction a story waiting to be told. The median price for these urban homes rose by 7% year-over-year from $424,000 in January 2023 to $453,750 in January 2024.
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Debra Teal Real Estate Broker | Seattle, WA | Coldwell Banker Danforth
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Debra Teal | Seattle Real Estate Link 