Seattle Real Estate: Current Market Outlook

In today’s economy, understanding the latest numbers can give us valuable insights into where things are headed. Windermere’s Principal Economist, Jeff Tucker, keeps us updated on the local market with short, helpful videos.

Using Jeff’s transcript, I’m providing a written breakdown of his latest 4-min video, which you can watch here:

Here’s a local look at the October 2024 from the Northwest MLS. All in all, this month showed a strong performance in our local housing market, especially in the single-family residential segment.

To get a feel for our current market dynamics, let’s dig into 4 key market indicators: closed sales, pending sales, active listings, and median sales prices:

Closed Sales: In October, residential closed sales climbed significantly, with an increase of over 1,000 transactions compared to the same month last year, marking a 24% year-over-year rise. This indicates a solid demand from buyers.
Pending Sales: A leading indicator of next month’s sales data, pending sales surged 27% from last year, suggesting strong buyer interest and momentum that’s likely to carry forward.
Active listings: In terms of supply, listings are the reservoir of options for buyers. October saw a 24% increase in new listings, with overall inventory levels 25% higher than a year ago.
Median Sale Prices: The median closed sale price across the Northwest MLS rose 7%, from $625,000 last October to $671,000 this year. This growth reflects both increased demand and the wider range of active listings available to buyers, who responded to a summer decline in mortgage rates by stepping up purchase activity.

Overall, October’s data shows a market that is recalibrating toward a more balanced state, with robust buyer interest keeping momentum high.

A Closer Look at the Seattle Metro Area: King, Pierce, and Snohomish Counties

To get a deeper understanding of specific trends, let’s explore activity in the three counties comprising the Seattle metro area—King, Pierce, and Snohomish Counties.

Sales Growth by County

King County: Residential closed sales rose an impressive 33% year-over-year. This area, including Seattle and Bellevue, saw a strong response from buyers.

Pierce County: Pierce County, which includes Tacoma, experienced a 26% increase in closed sales compared to last year.

Snohomish County: In Snohomish, home to cities like Everett, closed sales increased 20% year-over-year.

Median Sale Prices by County

King County: The median sale price grew by 9%, reaching $960,000.

Pierce County: Pierce County’s median sale price rose 9%, up to $580,000.

Snohomish County: Snohomish saw the largest price growth, with an 11% increase, bringing the median price to $730,000.

Pending Sales and Listings in the Seattle Metro

Pending sales continue to show strength across all three counties, with a notable 33% increase in King, 38% in Pierce, and 19% in Snohomish. These figures suggest strong buyer engagement and point to continued momentum.

The supply of active listings rose significantly, with increases of 25% in King County, 31% in Pierce, and 22% in Snohomish. The additional listings have provided buyers with more options, which is likely contributing to the increase in closed and pending sales.

What’s Next? A Preview of the Spring Market

This October report reveals signs of life returning to Washington’s local housing markets. Importantly, it’s a “proof of concept” that when mortgage rates dip closer to 6%, we see renewed energy and activity as people are ready to buy, sell, and move.

If rates continue their downward trend this winter, we could see even greater enthusiasm and market activity during the spring selling season.

If you have any questions, please reach out anytime: drew@windermere.com.