Washington State Real Estate
Compared to around the same time just one year ago, we found mortgage rates very similar. Let’s take a look at just how close they were.
30 Year Rates in Feb 2023 Compared to Feb 2024
On February 10th, 2023 the 30 Year fixed rate was 6.61%, while Mortgage Rates on February 27th, 2024 was 7.4%
Market Recap:
Although historically, the Pacific Northwest’s Real Estate market has followed seasonal patterns. Slower in the winter, and ramps up beginning in spring through mid-September. Interest rates have risen by 0.25% from January to February 2024, which has impacted the entire market. For buyers, the cost of a mortgage payment plus property taxes and insurance, coupled with the seemingly never-ending rise in inflation has placed a damper on the ability to purchase. At the same time, homeowners that want to sell are hesitant to do so, because they don’t want to give up the historically low interest rates they currently have.
In February 2024, the Washington counties within NWMLS coverage experienced a nearly 2% decline in year-over-year closed sales transactions, while median prices continued their upward trajectory with an almost 6% increase.
Key Insights from February’s Data:
– Median home prices escalated in 19 of the 26 counties, and decreased in 7 counties compared to February 2023. The top three counties with the highest median sale prices were King ($820,000), Snohomish ($715,000), and San Juan ($671,000), while in contrast: Grant ($300,425), Pacific ($236,025), and Columbia ($174,500) recorded the lowest median sale prices.
– Home listings increased across Washington, with 17 out of 26 counties witnessing a year-over-year increase. Overall, active property listings in Washington counties under NWMLS coverage saw a nearly 4% year-over-year rise.
– Among the 26 counties in the report, 10 observed an increase compared to last year’s sales, while 14 counties reported a decrease. King and Pacific counties experienced minimal change in year-over-year sales transactions.
– Condominium sales displayed robust growth throughout NWMLS service areas, with 636 units sold in February 2024, marking a year-over-year increase of over 9%. The median sale price of condominiums soared by more than 15% year-over-year, rising from $430,000 in February 2023 to $496,500 in February 2024. This can be likely attributed to the less expensive cost of a mortgage payment compared to a stand alone home, and increasing number of buyers that can do without a yard.
Associate Director of the Washington Center for Real Estate Research at The University of Washington, Mason Virant, remarked, “While seller hesitancy continues to impact inventory levels, there has been a slight improvement of 4% in year-over-year inventory levels compared to February 2023. Despite a 2% decline in transaction volume from February 2023, the scarcity of homes for sale has intensified buyer competition, resulting in an almost 6% year-over-year increase in median home prices across the Washington counties served by NWMLS.”
The Takeaway:
February’s numbers reflect a cautious, but somewhat optimistic outlook for the spring and summer markets. While the cost of mortgage payments are up compared to recent years, it should be remembered that those 2% rates were historic. If you’re a buyer, it’s a great time to buy with less competition and asking for a little assistance for closing costs. If you’re a seller, the inventory is still low and there are still bidding wars out there. Only time will tell how it all plays out.
Stats were obtained by the Northwest MLS, a proprietary platform for Licensed Real Estate Brokers in WA State, and source of Market Snapshot data for February 2024.
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