IHST Puget Sound Market Update - December 2024
Aaron Morrow Dedicated REALTOR
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The Puget Sound real estate market saw mixed signals in October, influenced by fluctuating mortgage rates, seasonal trends, and ongoing economic shifts. Closed sales climbed significantly, boosted by a brief dip in interest rates and buyer optimism. However, rates rebounded from 6.08% in late September to 6.72% by the end of October, challenging affordability for many buyers. Meanwhile, median home prices rose by 2.4% month-over-month and 8% year-over-year, reflecting persistent demand in the region. Steven Bourassa, director of the Washington Center for Real Estate Research, summed it up: "The only thing that seems certain about this market is that houses are not becoming more affordable."
Active Listings
Inventory tightened slightly month-over-month, down 6%. However, there were nearly 30% more active listings than in October 2023, with 14,795 properties available at the end of the month.
Closed Sales
October saw a notable 11% increase in closed sales month-over-month and a 22.5% increase year-over-year. Nearly $5.3 billion in residential and condo sales closed, up 33.4% compared to October 2023.
Sales Price
The median home price rose to $650,000, up 2.4% from September and nearly 8% year-over-year. King, San Juan, and Snohomish counties led the way with median prices of $865,000, $825,000, and $753,000, respectively.
County Break Down:
What This Means for Buyers, Sellers, and Investors
For Buyers: Rising mortgage rates remain a challenge, but more inventory means you have options. Focus on properties that fit your budget, and lock in rates as soon as possible if you're financing. Keep an eye on seasonal price softening opportunities as winter approaches.
For?Sellers:?With prices trending upward, it's still a strong time to sell—especially if your home is move-in ready or has recent updates. Highlight desirable features like energy efficiency or modern finishes to stand out in a more competitive market.
For Investors:?Year-over-year growth in both sales volume and prices signals stability in the market, but rising borrowing costs may squeeze your margins. Consider cash-flow properties or those in growing counties like Clallam or Chelan, where inventory gains suggest potential for long-term value growth. If you're looking to buy, sell, or invest in the Puget Sound area, now is a great time to act. Whether you're navigating rising inventory as a buyer, positioning your home for a sale, or seeking investment opportunities, the current market conditions offer unique advantages. Reach out today for personalized guidance and expert advice to help you make the best move in this shifting real estate landscape!
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