February Stats for King & Snohomish Counties Have Posted and There is a Story to Tell!

We are starting to see the normal, seasonal uptick in new listings as winter starts to thaw and the trees start to bud. The good news about this uptick in new inventory is it is up year-over-year, illustrating that more sellers are coming to market. Inventory has been pressured since the rise in interest rates, which started in 2022 and hit their peak in October 2023 at 7.91%. Since then, rates have slowly receded and are now hovering around 6%, which has helped with inventory growth and affordability.

Pending sales in February were also up, showing that buyer demand is absorbing the increase in selection. I’m also happy to report that pending sales month-to-date this March are up compared to February, by 42% in King County and 23% in Snohomish County. This mounting activity is a positive sign for the local real estate market.

Prices are steady year-over year, down 1% in Snohomish County 12-months over 12-months and up 2% in King County, and are showing signs of seasonal growth month-over-month as we head into spring. Months of inventory is up with the uptick in new listings year-over-year, but teetering from a balanced to a seller’s market, depending on the location, price point, and product. Overall, the market is healthy, fluid, and favoring well-prepared listings that are expertly priced. Buyers are ready to strike for the homes that stand out and are showing their value.

If you are curious about today’s trends and how they relate to your goals, or just love keeping up with the market, I hope you find these facts and figures helpful. If you would like to discuss them further, please reach out. It is always my goal to help keep my client well-informed to empower strong decisions.