Seattle Housing Market: A Complex Landscape in November 2024
The Seattle, WA metro area housing market in November 2024 presents a complex landscape characterized by declining prices and increased sales activity. The Median Sales Price has decreased by 3.1% year-over-year, settling at $814,757.50. This decline in sales price contrasts with the Median List Price, which has also seen a reduction, albeit a smaller one, of 1.4% year-over-year, now at $789,000. Despite these price reductions, the market remains active, with a notable increase in the number of Homes Sold.
One of the most significant trends is the increase in Homes Sold, which has risen by 19.5% compared to the previous year, reaching a total of 2,635 homes. This surge in sales is accompanied by a 15.3% increase in Pending Sales, indicating strong buyer interest and activity in the market. However, New Listings have decreased by 2.9% year-over-year, suggesting a tightening supply that could impact future market dynamics.
Inventory levels have increased by 14.3% year-over-year, with a total of 4,012 homes available. Despite this increase, the Months of Supply have decreased by 10.0%, now standing at 1.5 months. This indicates a competitive market where homes are selling relatively quickly, as reflected in the Median Days on Market, which has increased slightly by 5.0% to 22 days.
The Price Per Square Foot provides a contrasting view of the market. The median Price Per Square Foot has risen by 5.5% year-over-year to $470.49, while the Median List Price per square foot has increased by 2.6% to $464.23. These increases suggest that while overall prices are down, the value of space is still appreciated, possibly due to demand for specific property types or locations.
The average sale to list ratio remains stable at 99.6%, with a slight year-over-year increase of 0.1%. The percentage of Homes Sold above list price has decreased marginally by 0.6% to 26.6%, indicating that while competitive, the market may be seeing fewer bidding wars. Additionally, the percentage of Price Drops has decreased by 2.3% to 29.8%, and the percentage of homes going off-market in two weeks has decreased by 2.6% to 38.1%, suggesting a slight cooling in market urgency.
Overall, the Seattle housing market in November 2024 is characterized by declining prices but robust sales activity. The increase in inventory and sales, coupled with a decrease in New Listings, suggests a dynamic market with potential opportunities for both buyers and sellers. As the market continues to evolve, stakeholders will need to monitor these trends closely to navigate the changing landscape effectively.
