Market Update | October 2024
Lowered Mortgage Rates Provide Boost but Affordability Remains Elusive
Published November 6, 2024 | Courtesy of NWMLS
Market Recap
Closed sales increased by over 11% month-over-month, driven by a brief downturn in mortgage rates and a boost in buyer confidence amid hopes for continued rate declines. However, mortgage rates unexpectedly rose again from 6.08% at the end of September to 6.72% at the end of October. This increase correlates to economic data including strong job growth numbers but presents challenges for hopeful buyers. Meanwhile, home prices increased by 2.4% month-over-month on average, further dampening optimism.
“The only thing that seems certain about this market is that houses are not becoming more affordable, due to the ongoing combination of high interest rates and rising prices,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington.
October 2024 Key Takeaways
Active Listings
While the total number of properties listed for sale declined by about 6% when compared to last month, there was a 29.8% increase when compared to the same month last year, with 14,795 active listings on the market at the end of October 2024 compared to 11,403 at the end of October 2023.
The five counties with highest increases in active inventory for sale were Grant (+54.6%), Pacific (+48%), Clallam (+42.5%), Chelan (+40.9%) and Lewis (+35.6%).
Closed Sales
The number of closed sales increased by over 11% when compared to last month, and by 22.5% when compared to the same month last year – 6,479 in October 2024 compared to 5,291 in October 2023. An increase in the number of closed sales year-over-year was observed in 22 out of 26 counties.
The total dollar value of closed sales in October 2024 was $4,766,092,472 for residential homes and $499,012,797 for condominiums, for a total value of $5,265,105,268. The total value in October 2024 saw an increase of 33.4% when compared to October 2023.
Median Sale Price
Overall, the median price for residential homes and condominiums sold in October 2024 was $650,000, an increase of nearly 8% when compared to October 2023 ($602,000). When compared to last month, the median price increased 2.4% from $635,000 in September 2024.
The three counties with the highest median sale prices were King ($865,000), San Juan ($825,000) and Snohomish ($753,000), and the three counties with the lowest median sale prices were Ferry ($112,500), Pacific ($330,625) and Grant ($341,782).
Active Listings
There was a 29.8% increase in total number of properties listed for sale year-over-year, with 14,795 active listings on the market at the end of October 2024, compared to 11,403 at the end of October 2023. When compared to last month, active inventory decreased by 953 listings (-6.05%), down from 15,748 in September 2024.
The number of homes for sale increased throughout the NWMLS coverage area, with 23 out of 26 counties seeing a double-digit year-over-year increase. The counties with highest increases in active inventory for sale were Grant (+54.6%), Clark (+49.7%), Pacific (+48%), Clallam (+42.5%), Chelan (+40.9%), Lewis (+35.6%), and King (+35.4%).
Year Over Year Active Listings
Island, King and Snohomish County
New Listings
NWMLS brokers added 7,726 new listings to the database in October 2024, an increase of 26% compared to October 2023 (6,134).
The six counties with the largest increase in the number of new listings added to the NWMLS database last month were Cowlitz (53.6%), Clark (+52.9%), Kittitas (+44.9%), Clallam (+44.3%), Grant (+44.1%), and Skagit (+42.9%).
Pending Sales
There were 7,199 total residential units & condo units under contract in October 2024, an increase of 26.7% when compared to October 2023 (5,684). 21 out of 26 counties saw a year-over-year increase in the number of pending listings, with the highest year-over-year increases in Douglas (+110%), Okanogan (+107.4%), Clark (+84.9%), San Juan (+81.3%), Kittitas (+42.6%), Columbia (+40%), and Pierce (+36.3%).
Closed Sales
There were 7,199 total residential units & condo units under contract in October 2024, an increase of 26.7% when compared to October 2023 (5,684). 21 out of 26 counties saw a year-over-year increase in the number of pending listings, with the highest year-over-year increases in Douglas (+110%), Okanogan (+107.4%), Clark (+84.9%), San Juan (+81.3%), Kittitas (+42.6%), Columbia (+40%), and Pierce (+36.3%).
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 (2.28) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in October 2024 were Snohomish (1.53), Thurston (1.77), King (1.98), Kitsap (1.99), Pierce (2.06), Clallam (2.27), and Skagit (2.36).
Year Over Year Months of Inventory
Island, King, and Snohomish County
Median Price
Overall, the median price for residential homes and condominiums sold in October 2024 was $650,000, an increase of nearly 8% when compared to October 2023 ($602,000). When compared to last month, the median price increased by 2.4%, from $635,000 in September 2024. The three counties with the highest median sale prices were King ($865,000), San Juan ($825,000), and Snohomish ($753,000), and the three counties with the lowest median sale prices were Ferry ($112,500), Pacific ($330,625), and Grant ($341,782).
