Market Update | November 2024
Persistently High Prices Put Strain on Market Affordability
Published December 4, 2024 | Courtesy of NWMLS
Market Recap
The seasonal slowdown of the real estate market has begun, as evidenced by the month-over-month decrease of active listings by 15.1% from 14,795 active listings in October 2024 to 12,558 active listings in November 2024. However, the market still shows signs of improvement year-over-year, with a 23.4% increase in active listings and an increase of 24.7% in closed sales (5,446) compared to November 2023 (10,177 and 4,367 respectively). The missing piece of the equation for potential buyers continues to be affordability, with the median sales price increasing 7% to $645,000, compared to $601,342 in November 2023.
Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington, sees reasons for optimism in the recent developments in the Washington Legislature intended to promote the production of more housing and thereby lower prices. Among some of the new laws coming into effect in the next couple of years will be an increase to density in residential areas and the promotion of accessory dwelling units (ADUs). “It will take time for these new laws to actually produce new housing,” said Bourassa, “but the expectation is that they will help in an important way to moderate the cost of homeownership.”
November 2024 Key Takeaways
Active Listings
The number of homes for sale increased year-over-year throughout the NWMLS coverage area, with 23 out of 26 counties seeing a double-digit increase compared to November 2023.
The five counties with the highest increases in active inventory for sale were Grant (+46.9%), Clallam (+40.4%), Kittitas (+39.7), Chelan (+33.6%) and Island (+33.3%).
Closed Sales
There were 5,446 closed sales of residential homes and condominium units, an increase of 24.7% when compared to November 2023 (4,367).
The total dollar value of closed sales in November 2024 for residential homes was $3,883,768,625 and was $428,244,300 for condominiums ($4,312,012,924 in total), an increase of 31.7% when compared to November 2023.
Median Sales Price
Although the median price slightly decreased by .77% from $650,000 in October 2024 to $645,000 in November 2024, prices increased year-over-year by 7.3% when compared to November 2023 ($601,342).
The three counties with the highest median sale prices were San Juan ($857,500), King ($837,350), and Snohomish ($760,000), and the three counties with the lowest median sale prices were Ferry ($209,900), Columbia ($262,000) and Adams ($309,150).
Active Listings
There was a 23.4% increase in total number of properties listed for sale year-over-year, with 12,558 active listings on the market at the end of November 2024, compared to 10,177 at the end of November 2023. When compared to last month, active inventory decreased by 2,237 listings (-15.1%), down from 14,795 in October 2024.
The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 23 out of 26 counties seeing a double-digit year-over-year increase. The counties with highest year-over-year increases in active inventory for sale were Grant (+46.9%), Clark (+46.7%), Clallam (+40.4%), Kittitas (+39.7%), Chelan (+33.6%), and Island (+33.3%).
Year Over Year Active Listings
Island, King and Snohomish County
New Listings
NWMLS brokers added 4,768 new listings to the database in November 2024, an increase of 3.8% compared to November 2023 (4,595). When compared to last month, new listings decreased by 38.3%, down from 7,726 listings added in October 2024.
The six counties with the largest increase in the number of new listings added to the NWMLS database last month were Clallam (+40.4%), Whatcom (31.6%), Skagit (+30.4%), Clark (+30.2%), Kittitas (+26.7%), and Mason (+26.1%).
Pending Sales
There were 5,516 residential units & condo units under contract in November 2024, an increase of 17.9% when compared to November 2023 (4,678). When compared to last month, the number of pending listings decreased by 23.4%, down from 7,199 listings under contract in October 2024.
20 out of 26 counties saw a year-over-year increase in the number of pending listings, with the highest year-over-year increases in Clark (+50%), Skagit (+40.6%), Mason (+38%), Grant (+33.3%), Pacific (+31.3%), and Pierce (+30%).
Closed Sales
The number of closed sales increased by 24.7% year-over-year (5,446 in November 2024 compared to 4,367 in November 2023). 21 out of 26 counites saw an increase in the number of closed sales year-over-year. The total dollar value of closed sales in November 2024 for residential homes was $3,883,768,625 and was $428,244,300 for condominiums ($4,312,012,924 in total), an increase of 31.7% when compared to November 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 less than two and a half months (2.31) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in November 2024 were Snohomish (1.37), Kitsap (1.72), King (1.91), Thurston (1.99), Pierce (2.10), Clallam (2.39), and Skagit (2.52).
Year Over Year Months of Inventory
Island, King, and Snohomish County
Median Price
Overall, the median price for residential homes and condominiums sold in November 2024 was $645,000, an increase of 7.3% when compared to November 2023 ($601,342). When compared to last month, the median price slightly decreased by .77%, from $650,000 in October 2024.
The three counties with the highest median sale prices were San Juan ($857,500), King ($837,350), and Snohomish ($760,000), and the three counties with the lowest median sale prices were Ferry ($209,900), Columbia ($262,000), and Adams ($309,150).
