NWMLS Release - 2024 December Stats

 

NWMLS December Release

December 2024 Key Takeaways

Active Listings

• The number of homes for sale increased 25% year-over-year throughout the NWMLS coverage area, with 21 out of 26 counties seeing a double-digit increase compared to December 2023.
• The five counties with the highest increases in active inventory for sale were Snohomish (+46.1%), Douglas (+43.3%), Cowlitz (40.8%), Grant (+39.9%) and Skagit (+38.2%).

Closed Sales

• There were 4,812 closed sales of residential homes and condominium units, an increase of 19.8% when compared to December 2023 (4,018).
• The total dollar value of closed sales in December 2024 for residential homes was $3,284,574,394 and $409,740,278 for condominiums ($3,694,314,671 in total), an increase of 24.8% when compared to December 2023.

 Median Sales Price

• The median price for residential homes and condominiums increased by 4.3% year-over-year from $597,975 in December 2023 to $623,500 in December 2024. Prices decreased month-over-month by 3.33% when compared to November 2024 ($645,000).
• The three counties with the highest median sale prices were San Juan ($849,500), King ($800,000), and Snohomish ($744,995), and the three counties with the lowest median sale prices were Ferry ($125,000), Adams ($292,300) and Pacific ($320,000).

WEITZ - I just posted the national stats and not surprising to see Washington numbers worse. These are NOT good for the market. I'm shocked I'm the only one talking about this right now, but you can't escape reality indefinitely. I will double down on my take that we reached the top of the Washington housing market for the indefinite future, and I predict this unwinding will take years. Stay tuned. 

My Contact: 

Scott Weitz

Scott@dcseattle.com

t: 206.306.4034

CNBC: "Worrying supply trend" in housing market

CNBC recently posted an article on a "worrying supply trend" in the housing market. We will explore in more detailed below. 

 Click for CNBC Article Here

Key takeaways

The Housing Market is heading into 2025 with a worrying supply trend:

Active Listings in November were 12.1% higher than they were in November 2023 and hit the highest level since 2020.

More than half of those homes stayed on the market for at least 60 days without going under contract.

The latest report from S&P Case Shiller showed prices up nationally 3.6% compared to October 2023.

Weitz Take: For those that follow this blog, this is not a surprise whatsoever. We expect to see more distressed sales, increasing inventory and eventually more price drops. This will be especially interesting when the new ADU laws (I'll be posting an overview in the coming days/ week) are put in place in cities around the State (Washington State).

As I’ve mentioned in previous blogs, I believe we have seen the highest of pricing in general and expect more pressure on prices as we move deeper into 2025. The only thing that would change that would be a fairly steep reduction in interest rates (or inventory goes down dramatically again) but for now, that doesn’t seem to be in the works.

For more information on Snohomish Commercial Real Estate, consider contacting a Snohomish Real Estate Investment Broker. 

My Contact

Scott Weitz

Scott@WeitzCommercial.com

T: 206.306.4034. 

www.weitzcommercial.com