Washington State Housing Market Analysis - August 2024
The Washington State housing market in August 2024 presents a sensitive situation with several key indicators showing both positive and negative trends compared to the previous year.
The Median Sales Price for homes in Washington stands at $644,600, reflecting a slight decrease of 1.2% year-over-year (YoY). Similarly, the Median List Price has also seen a decline, now at $639,500, down by 1.6% YoY. Despite these decreases, the median Price Per Square Foot has risen to $361, marking a 3.0% increase YoY. The Median List Price per square foot has also increased to $366, up by 5.0% YoY.
In terms of sales activity, 8,388 homes were sold in August 2024, which is a 1.8% decrease from the same period last year. Pending Sales have also slightly decreased by 0.6% YoY, totaling 8,625. However, New Listings have seen a positive trend, with 9,654 new properties coming onto the market, representing a 2.7% increase YoY. Inventory levels have surged to 18,342, a significant 21.0% increase YoY, contributing to a higher Months of Supply, now at 2.20 months, up by 40.0% YoY.
The Median Days on Market for homes in Washington is currently 21 days, which is a 6.0% increase YoY. This indicates that homes are taking slightly longer to sell compared to last year. The average sale to list ratio is 99.6%, showing a minor decrease of 0.3% YoY. Additionally, the percentage of Homes Sold above list price has dropped to 28.8%, down by 5.2% YoY.
Price Drops have remained relatively stable, with 36.5% of listings experiencing a price reduction, a marginal increase of 0.3% YoY. The percentage of homes going off the market within two weeks has decreased to 41.4%, down by 7.7% YoY, indicating a slower pace in the market.
Overall, the Washington State housing market in August 2024 shows a blend of declining sales prices and increased inventory, coupled with rising Price Per Square Foot metrics. These trends suggest a market that is adjusting to changing conditions, with buyers potentially gaining more leverage as inventory levels rise and homes take longer to sell.
