| Here’s a quick look at the NW residential market trends comparing
November 2023 to November 2024:
New Listings: There was a slight increase in new listings from 3,933 in November 2023 to 4,005 in November 2024.
Closed/Sold Listings: The number of closed sales jumped up almost 25% from last year. From everything we are seeing and hearing, the majority of those making a move are those who have to make a move due to life changes.
Median Closed Sales Price: Home prices have increased overall as well. The median closed sales price in November 2023 was $625,000, but by November 2024, it had risen to $665,000, marking a 6.4% increase. This number does vary by county and area of course. For example, King & Pierce Counties have about a 4.5% increase, Mason & Lewis Counties are at 6.79% and 12% respectively and Thurston took a small dip by -.92%.
Active Listings: There’s been an increase in active listings as well, going from 8,643 in November 2023 to 10,221 in November 2024. This is over an 18% increase. Homes are sitting on the market longer giving home buyers more options and home sellers are having to compete.
Months of Inventory: As far as the general definition of Months Inventory, we are still in a seller's market at 2.15 months. However, coming from the past few years of an extreme seller's market, it has the feeling of a buyer's market comparatively speaking.
Summary: We have seen an increase in home prices and new and active listings on the market compared last year. Those who are moving, in our experience, have been those who have had to move due to life changes. We talk to home buyers, home sellers and agents in the area every day and the story is the same: there is a lot of pent up demand. There are a lot of buyers and sellers who want to buy and/or sell, but just don't want to do it during a "bad" market. While we can't see into the future, 2025 is expected to be a very busy year in the real estate world. Many economists believe we are to get a break from these high interest rates in the spring. |
