Washington State Housing Market Analysis - July 2024
The housing market in Washington State for July 2024 presents a nuanced picture with several key indicators showing both growth and decline. Below is a detailed analysis of the current market conditions.
Median Sales and List Prices
The median sales price for homes in Washington State stands at $651,600, reflecting a modest year-over-year (YoY) increase of 0.4%. Meanwhile, the median list price is $655,100, which has remained virtually unchanged from the previous year, showing a negligible YoY change of -0.0%.
Price Per Square Foot
There has been a notable increase in the median price per square foot, which is now $368, up by 5.9% YoY. Similarly, the median list price per square foot has risen to $375, marking a 6.3% YoY increase. These figures suggest a growing demand for space, even as overall price growth remains relatively stable.
Sales and Listings Activity
The number of homes sold in July 2024 reached 8,500, an 8.8% increase YoY, indicating a robust market activity. Pending sales, however, have slightly decreased by 0.3% YoY, totaling 8,849. New listings have also seen a healthy rise, with 10,064 new properties entering the market, up by 6.6% YoY.
Inventory and Supply
Inventory levels have surged to 18,045, a significant 24.2% increase YoY. The months of supply, which measures how long it would take to sell the current inventory at the current sales pace, has also risen to 2.10 months, up by 20.0% YoY. These increases suggest that buyers have more options to choose from, potentially easing some of the competitive pressures seen in previous months.
Market Dynamics
The median days on market for homes in Washington State is now 16 days, a slight increase of 3.0% YoY. The average sale to list ratio is 99.9%, down by 0.3% YoY, indicating that homes are selling very close to their list prices. However, the percentage of homes sold above list price has decreased to 31.1%, down by 5.2% YoY, suggesting a slight cooling in bidding wars.
Price Adjustments and Off-Market Activity
Price drops have become more common, with 38.4% of listings experiencing a reduction, up by 4.9% YoY. Additionally, the percentage of homes going off-market within two weeks has decreased to 47.7%, down by 4.7% YoY, indicating that homes are taking slightly longer to sell compared to the previous year.
In summary, the Washington State housing market in July 2024 shows a blend of stability and growth. While median prices have remained relatively stable, the increase in price per square foot and the number of homes sold indicate a healthy demand. The rise in inventory and months of supply suggests that the market is becoming more balanced, offering more opportunities for buyers. However, the slight increase in median days on market and the decrease in homes sold above list price point to a market that is gradually cooling off from its previous highs.
