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Listings and Inventory

NWMLS brokers added 4,954 new listings to the database in January 2024, which is nearly the same as in January 2023.

There were 7,084 active listings on the market at the end of January 2024, a decrease of nearly 14% compared to January 2023. The volume of homes on the market has continued to decline throughout Washington with 15 out of 26 counties covered by the NWMLS seeing a year-over-year decrease.

A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take around two months to sell every home that is active in the NWMLS inventory. The four counties with the lowest months of inventory in January 2024 were Snohomish, Thurston, King, and Pierce.

Pending and Closed Sales

There were 5,282 total residential & condo units under contract in January 2024, a decrease of 8.6% when compared to January 2023.

January 2024 saw a 3% increase in closed sales transactions year-over-year, an improvement from December 2023’s year-over-year change in closed sales transactions.

Overall, the median price for residential homes and condominiums sold in January 2024 was up 6.5% when compared to January 2023. The median sales price increased year-over-year in 19 of the 26 counties, with the highest median sales prices in King, San Juan and Snohomish counties.

Source: NWMLS 2/5/2024