Washington Housing Market Analysis - September 2024
The Washington housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.4% year-over-year, settling at $635,500. In contrast, the Median List Price has risen by 3.3% to $658,600, indicating a divergence between seller expectations and actual sale outcomes.
Price Per Square Foot metrics show an upward trend, with the median Price Per Square Foot increasing by 3.7% to $369, and the Median List Price per square foot rising by 6.6% to $380. This suggests a growing valuation of property space, despite the overall decline in sales prices.
Sales activity has shown positive momentum, with Homes Sold increasing by 1.8% year-over-year to 7,371 units. Pending Sales have seen a more substantial rise of 6.6%, reaching 8,250 units, while New Listings have surged by 7.3% to 9,139. This increase in New Listings and Pending Sales indicates a robust demand and supply dynamic in the market.
Inventory levels have expanded significantly, with an 18.0% increase year-over-year, totaling 18,543 units. The Months of Supply have also risen by 30.0% to 2.5 months, suggesting a shift towards a more balanced market, though still favoring sellers slightly.
The Median Days on Market have increased by 8.0% to 26 days, reflecting a slower pace in the market compared to the previous year. The average sale to list ratio has slightly decreased by 0.3% to 99.3%, indicating that homes are selling closer to their list prices, albeit with a slight reduction.
The proportion of Homes Sold above list price has declined by 3.4% to 26.7%, while Price Drops have increased by 1.3% to 34.8%. This suggests that sellers are adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market in two weeks has decreased by 0.7% to 43.9%, indicating a slight slowdown in the speed of transactions.
Overall, the Washington housing market in September 2024 reflects a mix of rising inventory and list prices, alongside a slight cooling in sales prices and market speed. These trends suggest a market in transition, with potential opportunities for both buyers and sellers as they navigate the evolving landscape.
