Q1-2024 Market Trends

Posted on: May 3, 2024

Following the close of each quarter, Realogics Sotheby’s International Realty (RSIR) publishes data and analysis for 16 of our region’s distinct communities. These year-over-year comparisons allow us to track changes in our market and chart growth, so you can gain a clear perspective on where the market stands today in relation to past performance.  

In certain areas analyzed, sellers who chose to list their homes in the first quarter of the year saw slight price growth, while buyers faced a seller’s market, such as Seattle which offered just 1.6 months of inventory. If you look at the most recent Seattle data, you can see there has been a slight increase in supply with 1.8 months of inventory as of April. Furthermore, new listings are now up 67.7% from this time last year, offering buyers more choice in this shifting market.

I am happy to shat that pent-up demand and increasing sales prices are trends we’re seeing continue through the first quarter and into our current market. RSIR’s reporting seems to capture the beginning of a new market cycle, one in which sellers are still hesitant to list their homes and lose their current mortgage rates and buyers are tired of waiting on the sidelines for the right moment to strike.

For more insights into year-over-year market changes, you can explore the reports below.

Seattle   |   Single-Family Homes 

Sellers who chose to sell their single-family Seattle residences in the first quarter of the year did so in a market that saw price growth and slightly less inventory, meaning fewer listings to compete with, than the previous year.

View report>> 

Seattle   |   Condominiums

Inventory moved at a faster rate than many of the other markets analyzed in our reporting, with a significant 34.6% increase in homes sold. The market was considered a seller’s market, but 2.7 months of supply put buyers in a better position than other communities where there was less than 1 month of supply to choose from as they navigated the market.

View report>>

Eastside   |   Single-Family Homes 

Inventory did not move as quickly as it did in the first quarter of 2023 when all markets saw extreme buyer interest, but it did move more quickly than it did in Q1-2023 where the average days on market was at 51 compared to Q1 of this year which yielded an average of 31 days on the market.

View report>> 

Eastside   |   Condominiums

Like the single-family home Eastside market, the Eastside condo market saw significant year-over-year price growth with a 15.2% increase in the median sales price, climbing from $538,000 to $620,000. There was similar growth in the average price per square foot with an average of $522 in Q1-2023 that jumped to an average of $585 a mere year later.

View report>>

Mercer Island   |   Single-Family Homes 

Mercer Island remains a highly sought-after community to reside in King County, just a bridge away from Seattle but boasting an entirely separate island feel and lifestyle. With only 1.1 months of inventory in Q1-2024, it’s clear that buyers are eager to purchase their Mercer Island homes even with the high interest rates.

View report>> 

Bainbridge Island   |   Single-Family Homes 

Bainbridge Island draws new residents from all over the world with its waterfront residences and small-town island ambiance. So, how did one of the most desirable enclaves of the region perform during the first quarter of the year? The market data reveals that the island’s market maintains very similar numbers as it did a year ago.

View report>> 

Kitsap County   |   Single-Family Homes 

(Excluding Bainbridge Island)

Excluding Bainbridge Island (which was analyzed separately in our reporting), analysis of the year-over-year data for Kitsap County reveals a steady market, largely unchanged and with slight price growth.

View report>> 

King County   |   Single-Family Homes 

The median sales price was up 12.7% year over year to $930,000 from $825,000, after it had dipped 6.3% from Q1-2022’s median sales price of $880,000. There was similar growth in the average price per square foot with an 11.4% year-over-year increase from $483 to $539.

View report>> 

Pierce County   |   Single-Family Homes 

In the first quarter of 2024, Pierce County saw very slight price growth, more inventory, and fewer sales than the county’s Q1-2023 market. The data with the largest yearly difference was the number of homes sold, which was down 14.8% from 2,272 to 1,925 homes.

View report>> 

Snohomish County   |   Single-Family Homes 

Considering the year-over-year 20.5% decrease in homes listed for sale in Snohomish County, down from 625 homes in Q1-2023 to 497 homes in Q1-2024, it can be surmised that potential sellers were hesitant to list their homes and give up their current mortgage interest rates in favor of a new mortgage with a higher rate.

View report>> 

Skagit County   |   Single-Family Homes 

Skagit County was considered a seller’s market with 2.3 months of inventory in the first quarter of 2024, and there was an 8.7% year-over-year increase in the median sales price as it went from $514,000 in 2023 to $556,000 in 2024.

View report>> 

Island County   |   Single-Family Homes 

Activity slowed and prices dropped in the first quarter of the year for the market in Island County. With home sales down 25.4% year over year from 264 homes to 197 homes sold and 2.9 months of inventory (up from 1.9 months in Q1-2023), it appears that buyers were hesitant to make their purchases in the first quarter.

View report>> 

Whatcom County   |   Single-Family Homes 

This northern community saw inventory move slightly quicker than it did in the previous year’s first quarter, with a change from an average of 60 days on the market to 55 days, but it appears that both buyers and sellers are still waiting to make their moves.

View report>> 

Cle Elum   |   Single-Family Homes 

Although an increasingly popular city to purchase a home in for those looking to move out of the city and into a place renowned for its natural beauty, inventory proved hard to move during the first quarter of the year with homes spending an average of 135 days on the market and inventory sitting at 6.7 months.

View report >>

Tacoma   |   Single-Family Homes 

In the first quarter of the year, Tacoma’s home prices looked like data analyzed from the first quarter of 2023. Many potential buyers are still not ready to make their purchase with the current interest rates.

View report >>

Gig Harbor   |   Single-Family Homes 

The idyllic and charming city of Gig Harbor offered a market that looks almost the same as it did in the first quarter of last year. The median sales price saw a year-over-year difference of less than 3%, increasing from $750,000 in Q1-2023 to $770,000 in Q1-2024.

View report >>

If you’d like to discuss these findings further, please reach out to me. I welcome the opportunity to chat with you about this data and how it impacts your own real estate ventures.

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My purpose has always been to help others, from being a tennis pro to teaching at Texas A&M to helping people invest in real estate. I have spent 30+ years helping people navigate the world of real estate. My goal is to both help you put together a real estate investment game plan and implement it.

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