November 2024 brought the anticipated seasonal slowdown in the real estate market, but the numbers for Snohomish, King, and Pierce Counties reveal important trends for buyers, sellers, and investors. Here’s what the latest data tells us about these dynamic markets.
Active Listings: A Year-Over-Year Surge
Although active listings decreased in November compared to October, year-over-year trends show a significant improvement. King, Snohomish, and Pierce Counties have experienced healthier inventory levels than this time last year. For buyers, this means more options to consider, even as the seasonal market slowdown takes hold.
Closed Sales: A Strong Recovery
In these three counties, closed sales have shown remarkable growth compared to November 2023. The recovery signals sustained buyer interest despite the cooler months. With King County leading in transaction volume, Snohomish and Pierce Counties also showed robust activity, reflecting their appeal to a wide range of homebuyers.
Prices: Regional Growth and Affordability Challenges
King County recorded a median sales price of $837,350, underscoring its reputation as a hub for tech professionals and urban living. Snohomish County’s median price reached $760,000, making it a prime choice for those seeking a balance of value and proximity to employment centers. Pierce County, with comparatively lower prices, continues to attract first-time buyers and those looking for more affordable options.
While prices have grown in all three counties, ongoing affordability challenges highlight the importance of strategic planning for buyers. Legislative changes aimed at increasing housing density and promoting accessory dwelling units (ADUs) are anticipated to help ease pricing pressures over time.
What Does This Mean for You?
- For Buyers: More inventory means better opportunities, but rising prices may require careful budgeting and loan pre-approval.
- For Sellers: The strong buyer demand, coupled with limited supply in certain areas, makes this a favorable time to list.
- For Investors: The upward trajectory of sales and prices in these counties presents solid opportunities for long-term investments in residential real estate.
Looking Ahead
Legislative efforts to increase housing supply in Washington state promise to shape the future of the real estate market in Snohomish, King, and Pierce Counties. For now, understanding these local market dynamics will be critical to making informed decisions in this competitive environment.
For tailored advice and insights, trust Kim Pelham and The Pelham Group Northwest to guide you through the ever-evolving real estate landscape.
Katrina Eileen Brokerage | 
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