It's time for a market update. The January real estate numbers are in! Grab a cup of coffee and join me to discuss the real estate landscape based on the data we've gathered from the first month of the year.
Let’s take a deeper dive
The market has kicked off vigorously, as predicted. Despite the challenges posed by reduced inventory, both sales prices and the number of sales have surged.
Industry experts often gauge market balance using the metric of “months of inventory.” A balanced market typically falls within the range of 4 to 6 months. However, the current rate of sales indicates that it would take a mere two months to clear the active inventory in the NWMLS.
Notably, some counties stand out with the lowest months of inventory in January 2024, including Snohomish (0.84), Thurston (1.69), King (1.78), and Pierce (1.82).
In terms of median prices, residential homes and condominiums exhibited a median price of $593,500 in January 2024, marking a noteworthy 6.5% increase from the same period in 2023 ($557,250). Zooming into specific counties, King ($760,000), San Juan ($757,000), and Snohomish ($700,000) boasted the highest median sales prices.
What does this mean for the market?
Buyers are actively engaging, but a lingering question remains: Where is the inventory? If you've been contemplating listing your property later in the year, the current scenario suggests a potential shift in strategy. Multiple offers are becoming the norm, and savvy buyers understand the challenges are poised to intensify as we approach spring.
Anticipated drops in mortgage rates are likely to attract even more buyers, further escalating competition for homes.
As we gear up for the approaching spring market, sellers should be prepared for heightened competition. If selling your property is on the agenda for 2024, now is a good time to initiate the conversation.
Let's navigate this dynamic market together!