Washington

January 2024 kicked off a new year, but it dragged the market struggles of Q3 2023 along with it. Q1 of this year was constrained by a significant lack of inventory for buyers. Sellers are unwilling to part with their current mortgages and the market seems to be stagnant because of it. That’s not to say trading has come to a halt, it’s just far below where it would be if rates were lower.

There were 8,100 active listings on the market at the end of March 2024, a slight increase of 1.2%, when compared to March 2023 (8,007). NWMLS brokers added 8,028 new listings to the database in March 2024, a slight increase of 1.6% compared to March 2023, when 7,904 new listings were added.

March 2024 saw an 11.2% decrease in the number of closed sales transactions year over year. The total dollar value of closed sales for residential homes for this month was $3,685,299,238 and was $461,759,636 for condominiums.
A balanced market is considered to be four to six months by most industry experts. At the current rate of sales, it would take less than two months to sell every home that is active in the NWMLS inventory.

Overall, the median price for residential homes and condominiums sold in March 2024 was $633,717, up 7.4% when compared to March 2023 ($590,000). The median sales price increased year over year in 19 of the 26 counties, with the highest median sales prices in King ($850,000), San Juan ($750,000), and Snohomish ($730,000) counties. The three counties with the lowest median priced homes sold were Pacific ($347,500), Grant ($325,000), and Columbia ($274,000).

At present, we are fully entrenched in the spring market and seasonality is in its prime. The number of listings are up and will continue at current levels through early fall. The 2024 election will play a factor near the end of the year. Just how it will impact the market is up for debate.

Actionable Advice for WA Agents:

• Tune out the noise. There’s lots of chatter around NAR and buyer side compensation. Most of the chatter is inaccurate and will likely not impact our market. Keep delivering high quality service and you’ll be rewarded with earned compensation.
• Network with the agents you admire. Who do you admire in the industry? Have you reached out to that person to compliment their business and inquire about how they achieved what they’ve built? If you haven’t, take the leap and make the call.
• Tell your story. Far too often we fail to highlight the wins and saves we accomplish every day for our clients. People need to know how it is you do what you do. This will enable them to better understand our industry and value your good work.

Keep charging forward and delivering unparalleled service!