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Listings and Inventory

NWMLS brokers added 6,513 new listings to the database in February 2024, an increase of nearly 25% compared to February 2023. The number of new listings added in King County increased more than 33% year-over-year.

There were 7,495 active listings on the market at the end of February 2024, an increase of nearly 4% compared to a year ago. The volume of homes on the market increased throughout Washington with 17 out of 26 counties seeing a year-over-year increase.

A balanced market is considered to be 4 to 6 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. The four counties with the lowest months of inventory in February 2024 were Snohomish, King, Pierce, and Thurston.

Pending and Closed Sales

There were 5,945 total residential & condo units under contract in February 2024, a decrease of 4.6% when compared to February 2023. Despite the overall decrease, there were 11 counties that had a year-over-year increase in the number of pending sales.

February 2024 saw a 1.62% decrease in closed sales transactions year-over-year. Despite this decrease, there were 10 counties with a year-over-year increase in the number of closed sales. The number of year-over-year closed sales in King and Pacific counties remained unchanged.

Overall, the median price for residential homes and condominiums sold in February 2024 increased nearly 6% when compared to February 2023. The median sales price increased year-over-year in 19 of the 26 counties, with the highest median sales prices in King, Snohomish, and San Juan counties.

Source: NWMLS 3/5/2024