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Monthly market snapshot by NWMLS

Area map showing the counties that NWMLS serves.

Stay Fully Informed. Knowledge is power.

In Real Estate, knowledge helps you make the right decisions and avoid costly mistakes!

It is a new year, and the stats for the second month of 2024 are in. Northwest MLS key metrics for February 2024 activity, including new and active listings and pending and closed sales, show that the real estate market has remained slow. Unjustified optimism remains about a persistent decline in mortgage interest rates. I expect us to experience a see-saw of lending rates throughout 2024, and then perhaps they will settle somewhere between 5% and 6%. We must not forget that too many factors, the least of which are not geo-political conflicts, could significantly alter these predictions.

For the Washington counties covered by NWMLS, February 2024 saw a nearly 2% decrease in closed sales transactions year over year, although median prices have continued to rise, with a nearly 6% increase year over year.

Essential takeaways from January’s data:

  • The median sales price of homes increased in 19 out of 26 counties and decreased in 7 counties relative to February 2023. The three counties with the highest median sale prices were King ($820,000), Snohomish ($715,000), and San Juan ($671,000).
  • The number of homes on the market increased throughout Washington with 17 out of 26 counties seeing a year-over-year increase.
  • Ten of the 26 counties included in the report saw an increase in the number of homes sold year-over-year, while 14 counties saw a decrease in the number of homes sold year-over-year. Two counties, King and Pacific, saw relatively no change in the number of year-over-year sales transactions.
  • Condominium sales continue to show strong growth throughout the NWMLS service areas, with 636 units sold in February 2024, a year-over-year increase of more than 9%. The median sale price of condominiums increased more than 15% year-over-year, from $430,000 at the end of February 2023 to $496,500 in February 2024. This is primarily due to the price range and affordability factors.

I believe that current homeowners who are aptly not eager to sell their homes because they have mortgages well under 4%, some even less than 3%, will remain a significant factor in inventory shortage for some time.

Any significant price increase remains unrealistic. While we may get a more balanced real estate market in the next three to five years due to mortgage lending rates remaining much higher than in recent years, home prices will likely continue to slide in the foreseeable future.

A monthly market snapshot by NWMLS helps you stay better informed. Whether buying or considering putting your home on the market, the most important tool is current, accurate, and relevant information. You will find that information in most current real estate stats. If you need specific information about your neighborhood or the one you may be considering living in and don’t see it here, reach out, and we will get it for you.
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Update: National Association of REALTORS®

Legal settlement between DOJ and National Association of Realtors

On March 15, 2024, the National Association of Realtors and the Department of Justice agreed upon a proposed settlement. Below is the statement, directly quoted, as put out by the Northwest Multiple Listing Services.

Additionally, please note two crucial points.

  1. Broker Nadir and BN Real Estate has never belonged to the National Association of Realtors.
  2. BN Real Estate moved away from charging a commission as a percentage of the transaction amount. We adopted a fixed fee arrangement in 2018. Our fixed fees for sellers and buyers are displayed on our website.

We have a long-standing track record of and commitment to full disclosure and complete transparency.
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2023 Housing Market in Western Washington by the numbers

A serene and beautiful neighborhood in Western Washington.

Northwest MLS just released its Annual Report on sales and listing activity for 2023 within the 26 counties it covers in Western Washington. As the old saying goes, all real estate is local. This article contains numbers about the 2023 housing market in Western Washington only. An accurate market snapshot will help you stay better informed. Whether buying or considering putting your home on the market, the most essential tool is current, accurate, and relevant information. We provide you with this information every month. This article is the annual review for 2023, based on the numbers supplied by NWMLS. You will find crucial information in these most current real estate stats. If you need specific information about your neighborhood or the one you may be considering living in and don’t see it here, reach out, and we will get it for you.
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Real Estate Brokerage in Washington State

Real Estate broker hard at work

Real Estate Agency Law governs all real estate brokerages in Washington State. For the first time since 1997, the state legislature has made significant changes to this law that go into effect on January 01.2024. These changes are made to strengthen already robust consumer protections provided by the Department of Licensing. 

All licensees must provide the pamphlet Real Estate Brokerage in Washington State when they start providing services to any consumer. This pamphlet provides general information about real estate brokerage and outlines the laws related to real estate brokerage. You can access that pamphlet here. If you wish to review detailed and complete information about real estate brokerage relationships (Resl Estate Agency Law RCW 18.86), you can access that here.

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NORTHWEST MLS’S members provide buyers and sellers with choices, control, and complete transparency

Northwest MLS is arguably the best MLS in the country.

The nearly $1.8 billion jury verdict in a home seller’s class action lawsuit in Missouri against the National Association of Realtors and large brokerage franchisors has consumers and brokers in Washington state asking questions about residential real estate brokerage. The jury found that the defendants conspired to artificially inflate commissions paid to real estate brokers based on a mandatory National Association of Realtors’ rule that requires the seller, via the listing broker, to offer compensation to the buyer’s broker.

I am quoting directly from a Press Release issued by NWMLS in this post. The press release spells out how we go to great lengths to serve our clients, both buyers and sellers.
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Strategies for selling your home in 2023

Strategies for selling your home in 2023

There is no denying that the housing market has shifted across the country—more in some places than others. But it is still an excellent market for homebuyers and sellers. This article is about strategies for selling your home. It will focus on preperations and adjustments home sellers’ must make to sell their homes quickly. Most homebuyers are savvy. They scrutinize things closely. They want real value. Homes that are priced right, present well, and do not need extensive repairs are still selling quickly and for the top dollar that the current market will support.
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The housing market––spring 2023

Housing market in 2023

The housing market has been adjusting since the Fed increased the interest rate for the first time about a year ago. Homebuyers have, begrudgingly, become accustomed to the current rates, which remain historically low. The housing inventory also remains low. The housing market in the spring of 2023 is comprised primarily of serious buyers and sellers.

All real estate is local. This article focuses on the real estate market in Western Washington, more specifically, the Eastside. Several factors govern the direction in which the housing market might move. We will discuss two fundamental aspects.
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The housing market for home buyers

housing market for home buyers

Most experts agree that the robust housing market since 2016 came to a sliding stop in early 2022. However, they use various levels of sugar-coating in their statements. It happened subtly but firmly. By October 2022 end the number of homes sold had dropped by about 30%, compared to one year ago, according to the National Association of Realtors. The main factor to cause this was a steep and rapid increase in mortgage lending rates. These rates are currently at a 20-year high level.
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