February 2024 Overview
Monthly Market Update
Cautious market optimism as seasonal changes take shapeActive Listings
There were 7,495 active listings on the market at the end of February 2024, an increase of nearly 4% compared to February 2023 (7,234). The volume of homes on the market increased throughout Washington with 17 out of 26 counties seeing a year-over-year increase – select a county in the chart below to view the available inventory counts in a particular county:
New Listings
NWMLS brokers added 6,513 new listings to the database in February 2024, an increase of nearly 25% compared to February 2023, when 5,231 new listings were added. The number of new listings added in King County increased more than 33% year-over-year. Select a county in the chart below to view the number of new listings added in any county:
Pending Sales
There were 5,945 total residential units & condo units under contract in February 2024, a decrease of 4.57% when compared to February 2023 (6,230).
Despite the overall decrease, there were 11 counties that had a year-over-year increase in the number of pending sales, in Okanogan (+35.29%), Kittitas (+34.04%), Adams (+33.33%), Douglas (+29.17%), Chelan (+23.4%), Columbia (12.5%), Clallam (+8.96%), Walla Walla (+7.84%), Clark (+4.41%), King (+3.78%), and Kitsap (+1.86%) counties. Select a county in the chart below to view the pending sales within a specific county:
Closed Sales
February 2024 saw a 1.62% decrease in closed sales transactions year-over-year. The total dollar value of closed sales for residential homes for this month was $2,772,859,503 and was $$388,894,799 for condominiums.
Despite the nearly 2% decrease overall, there were 10 counties with a year-over-year increase in the number of closed sales, including Jefferson (+70.59%), Adams (+33.33%), Okanogan (+33.33%), Chelan (+21.88%), Kittitas (+14.29%), Walla Walla (+12.5%), Whatcom (+7.48%), Clark (+6.82%), Mason (+4.84%), Clallam (+4.55%). The number of year-over-year closed sales in King and Pacific counties remained unchanged. Select a county from the chart below to view the number of closed sales:
Months of Inventory
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take less than two months to sell every home that is active in the NWMLS inventory. The four counties with the lowest months of inventory in February 2024 were Snohomish (0.88), King (1.47), Pierce (1.60), and Thurston (1.71).
Median Price
Overall, the median price for residential homes and condominiums sold in February 2024 was $608,111, up nearly 6% when compared to February 2023 ($575,000). The median sales price increased year-over-year in 19 of the 26 counties, with the highest median sales prices in King ($820,000), Snohomish ($715,000), and San Juan ($671,000) counties. Select a county from the chart below to view its median sales price:
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