IHST Puget Sound Market Update - August 2024

IHST Puget Sound Market Update - August 2024

Aaron Morrow | Dedicated REALTOR

Helping Seattle-area Home Buyers & Sellers achieve success through a proven system | Hundreds of satisfied clients | Real stories & testimonials ?? | Connect for your best real estate experience!

September 2024 Puget Sound Market Update - August 2024

As summer continues, the Puget Sound housing market is seeing a surge in demand, resulting in inventory being quickly snapped up by eager buyers. The market remains highly competitive, with fewer homes available compared to last year. According to the latest NWMLS data, active listings for single-family homes and condos have dropped by nearly 21% year-over-year.

Even though pending sales in June totaled 7,759, this marks a slight decline of 4.4% from May and 13.2% from the same time last year. Despite the challenges, the market still saw the largest number of closings since September 2022. However, closed sales volume was down by about 24% compared to June of last year.

Key Market Trends:

1. Rising Home Prices: In response to intense demand, home prices are climbing again. The median price for single-family homes (excluding condos) in King County reached $935,000, coming close to last year’s record high of $998,888. Multiple offers are common, particularly in the more affordable and mid-price ranges, with many homes selling above their list price.
2. New Listings Provide Some Relief: Despite the intense competition, there is a glimmer of hope for buyers. A total of 9,481 new listings were added to the market in June, the highest number since August 2022. This fresh inventory offers a bit more breathing room for buyers navigating this hot market.

Advice for August Buyers and Sellers:

• For Buyers: Inventory remains tight, but new listings provide an opportunity. Acting quickly and strategically can be key in securing a home, especially with rising prices. Be prepared for competitive offers, and consider working closely with an experienced agent to navigate multiple-bid scenarios.
• For Sellers: With a market this competitive, pricing your home right is more crucial than ever. Many homes are receiving multiple offers, but strategic pricing will attract serious buyers who are prepared to act fast. Highlight unique features and upgrades in your listing to help your home stand out.
• For Investors: With inventory constraints pushing home prices higher, the current market presents solid appreciation potential. King County remains a top spot for investment, and as demand continues, homes in the mid-price range may offer lucrative opportunities.

County-Specific Insights:

• King County Median Sales Price: $830,000 New Listings: 3,242 Closed Sales: 2,400
• Snohomish County Median Sales Price: $749,950 New Listings: 1,198 Closed Sales: 910
• Pierce County Median Sales Price: $531,000 New Listings: 1,410 Closed Sales: 1,035

The Puget Sound real estate market is constantly evolving, and understanding these trends is key to making the right decisions. Whether you’re looking to buy, sell, or invest, I’m here to guide you every step of the way. Feel free to reach out for a free consultation today!

Aaron Morrow Your trusted REALTOR in King, Pierce, and Snohomish counties

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