December numbers are in, here's the recap:
In December 2023, the real estate market in Washington saw some positive signs for buyers, like dropping interest rates at around 6.61%, signaling more cuts ahead. However, low inventory kept home prices up about 5% from the previous year. According to an expert, home prices in most areas bounced back from losses in 2022 and are hitting new highs.
Key points:
- Closed home sales dropped by 11% compared to December 2022, with some counties seeing fewer sales while others had more.
- Median home prices increased in 16 counties and decreased in 10 compared to the previous December. The most expensive homes were in San Juan, King, and Snohomish counties, while the least expensive were in Okanogan, Ferry, and Columbia counties.
- Inventory decreased by 20% overall, with 15 counties having fewer homes for sale than the previous year.
- Condo sales had a smaller impact from market issues, with only a 6% decrease in sales and a 7% increase in median price compared to the previous December.
The market followed typical seasonal patterns, with lower transaction volume and inventory levels compared to spring and summer. Low-rate mortgages kept current owners from selling, contributing to the ongoing low inventory situation.
December 2023 Residential & Condo Market Snapshot
for King, Snohomish, & Pierce County
December 2023 Median Home Prices by City &
% of Price Change from Last Month
As observed, most cities experienced a price increase compared to the previous month. This has been trending for the last few months.
