February 2024 Greater Seattle Real Estate Report
Northwest MLS Real Estate Report
Is the real estate market, including the greater Seattle real estate market, slowing down? As been the case for some time, prices remain strong as inventory remains low. Inventory did creep up last year by 3.6%, but we are still well within a seller’s market.
Interest rates creeped up over a quarter percent during the month of February. The interest rates have shifted the demand down, but also the inventory, so the result is less transactions with increasing prices.
The number of transactions continue to be low. The number of sales across the NWMLS is down 1.62% from last February. February 2024 had 4,189 sales while 2023 had 4,258. But last February was extremely slow as well In fact, looking back the previous 5 years, the lowest amount of sales in February besides that last two was February 2019 which saw 5,145 closed sales.
Nevertheless, prices have trended up in that same time period. Going back to 2019, median price was $407,000. February 2024 had a median price of $608,111. Compared to last year when February median price was $575,000, median price is up nearly 6%.
Seattle Real Estate Market
Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle for the past month.
Seattle Homes
The residential market influences the overall real estate market across the NWMLS since this is a majority of transactions. Thus, the trends above are closely followed. For example, there were 3,553 closed home sales this February versus 3,675 last year. In addition, median prices are up too: $634,900 this February compared to $595,000 last year.
In contrast, the Seattle residential market was different. The number of Seattle home sales transactions actually increased in February. There were 462 homes sold this February compared to 441 in 2023. In addition, the median home price in Seattle increased in February 2024 to $935,000 from $800,000 the year before. Average prices were also up to $1,141,237 from $913,649. Thus, Seattle performed better than the overall NWMLS real estate market.
Condo Market in Seattle
Across the NWMLS, the condo market is very strong. Unlike the overall market, transactions are up. For example, there were 636 closed condo sales this February versus 583 last year. In addition, median prices are up too: $496,500 this February compared to $430,000 last year.
In Seattle specifically, 178 Seattle condos sold up from 2023 (153). The median price was strong in February 2024: $554,000 compared to $521,750 in 2023. The condo market remains strong, likely because it is more affordable than homes.
With Ewing and Clark’s headquarters located just north of Pike Place market, we are uniquely equipped to assist with Downtown/Belltown condos. For example, Ewing and Clark recently listed the Belltown condo pictured above. Click the pictures for more details.
Greater Seattle Luxury Real Estate Market
The NWMLS luxury real estate market was more active than the overall market. There were 166 sales of $2,000,000+ this February while only 107 last year.
Seattle saw a massive improvement in luxury real estate market this February. Fifty-one (51) homes sold for $2 million or more including 12 for over $3 million. Both were a huge increase from the previous year. The previous February there were 13 sales of $2+ million and 4 of $3+ million. Last year, Ewing and Clark had the highest sale which was $4.1 million. In February 2024, the highest sale was over double that price. A Washington Park home that sold for $8.363 million.
The Eastside generally dominates the luxury real estate market especially as a percentage of their residential sales. This November, the Bellevue area including Clyde Hill, Medina, Evergreen Point, Hunts Point, and Yarrow Point had 58 total home sales but 24 of those sold for $2 million or more and 18 for over $3 million. Furthermore, Mercer Island had only 10 TOTAL home sales this February BUT the median price was $2.108 million. Correspondingly, seven (7) of the sales were over $2 million. The Eastside, especially anywhere close to Lake Washington, is truly a luxury market.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, the Greater Seattle real estate market has generally slowed in transactions, but pricing continue to increase.
Every real estate market is different. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a Belltown condo, a luxury home in Windermere, or your first Seattle home, please contact us.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
