Market Update | June 2024
Increased Inventory Leads the way to Market Stabilization
Published July 3, 2024 | Courtesy of NWMLS
Market Recap
In Washington counties inventory levels are following seasonal trends, but transaction volumes are not. With the 30-year fixed mortgage rate at 6.86% as of late June 2024, prospective buyers' purchasing power is limited compared to a few years ago. For-sale inventory has increased significantly, up 35.7% year-over-year from June 2023. However, closed sales transactions have decreased by 3.1% compared to last year, indicating that despite recent interest rate decreases, buyer activity remains slightly lower. The higher inventory levels are expected to help stabilize prices over the summer months.
June 2024 Key Takeaways
Median Sales Price
The median price for residential homes and condominiums sold in June 2024 was $650,000, an increase of 4% compared to June 2023 ($625,000).
The three counties with the highest median sale prices were San Juan ($950,000), King ($875,000), and Snohomish ($789,497). The three counties with the lowest median sale prices were Columbia ($274,000), Adams ($236,000) and Ferry ($175,000).
Active Listings
There was a 35.7% increase in the total number of properties listed for sale, with 14,393 active listings on the market at the end of June 2024, compared to 10,607 at the end of June 2023.
The number of homes for sale increased throughout Washington, with 22 out of 26 counties seeing a double-digit year-over-year increase.
The six counties with highest increases in active inventory for sale were Douglas (+77.2%), Pierce (+48%), Clark (+46.9%), Snohomish (+46.2%), Lewis (+45.2%), and King (+43.3%).
Closed Sales Transactions
For Washington counties covered by NWMLS, June 2024 saw a 3.1% decrease in closed sales transactions year-over-year, a reversal in trends from April and May 2024, which saw positive increases in year-over-year transaction volume (9.5% and 6%, respectively).
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 a little over two months (2.17) to sell every home that is active in the NWMLS inventory.
The five counties with the lowest months of inventory in June 2024 were Snohomish (1.37), Thurston (1.55), Kitsap (1.60), King (1.94), and Pierce (2.00).
CoreLogic Chief Economist Selma Hepp says the Pacific Northwest housing market is moving slowly toward normalization. “While increased inventory of homes on the market this spring offered potential home buyers more options, elevated mortgage rates put affordability at the forefront of housing market concerns,” Hepp said.
“Home prices did heat up again this spring in the Seattle metro area, putting the region among the strongest appreciating markets across the country. More inventory will slow pressure on home prices over time.”
Consumer and Broker Activity
NWMLS also provided insights into consumer activities during the month of June 2024:
Keyboxes located at listed properties were accessed 163,536 times in June 2024, on par with activity in May 2024 when they were accessed 163,414 times.
The total number of property showings scheduled through NWMLS-provided software decreased from May 2024 (128,924 showings) to June 2024 (119,775 showings).
Brokers seeking to further assist consumers as they navigate the market are making special note of properties that are eligible for the Down Payment Resource (DPR) program offered by NWMLS. In June 2024, there were 16,015 listed properties that were eligible for this program, an increase of 15.3% over June 2023.
Active Listings
There was a 35.7% increase in total number of properties listed for sale, with 14,393 active listings on the market at the end of June 2024, compared to 10,607 at the end of June 2023. The number of homes for sale increased throughout Washington, with 22 out of 26 counties seeing a double-digit year-over-year increase. The six counties with highest increases in active inventory for sale were Douglas (+77.2%), Pierce (+48%), Clark (+46.9%), Snohomish (+46.2%), Lewis (+45.2%), and King (43.3%).
Year Over Year Active Listings
Island, King and Snohomish County
New Listings
NWMLS brokers added 9,984 new listings to the database in June 2024, an increase of 5.3% compared to June 2023. The six counties with the largest increase in the number of new listings were Walla Walla (+88.6%), Adams (+36.4%), Clallam (+25%), Cowlitz (+15.5%), Snohomish (+12.9%), and Pacific (12.2%).
Pending Sales
There were 7,650 total residential units & condo units under contract in June 2024, a slight decrease of 1.4% when compared to June 2023 (7,759). 10 out of 26 counties saw a year-over-year increase in the number of pending listings.
Closed Sales
June 2024 saw a 3.14% decrease in the number of closed sales transactions year-over-year (6,627 in June 2024 compared to 6,842 in June 2023). Although there was an overall decrease, 10 out of 26 counites saw an increase in the number of closed sales year-over-year, with Kittitas (+56.5%), Clark (+27.4%), Okanogan (+23.7%), and Snohomish (+8.4%) topping the list. The total dollar value of closed sales in June 2024 for residential homes was $4,939,005,285 and was $499,483,518 for condominiums, a 2.6% increase when compared to June 2023.
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 a little over two months (2.17) to sell every home that is active in the NWMLS inventory. The five counties with the lowest months of inventory in June 2024 were Snohomish (1.37), Thurston (1.55), Kitsap (1.60), King (1.94), and Pierce (2.00).
Year Over Year Months of Inventory
Island, King, and Snohomish County
Median Price
Overall, the median price for residential homes and condominiums sold in June 2024 was $650,000, an increase of 4% when compared to June 2023 ($625,000). The three counties with the highest median sale prices were San Juan ($950,000), King ($875,000), and Snohomish ($789,497), and the three counties with the lowest median sale prices were Columbia ($274,000), Adams ($236,000). and Ferry ($175,000).
