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Seattle Real Estate Bucks The Trend

By
Real Estate Broker/Owner with Ewing and Clark

Northwest MLS Market

Transactions across the Northwest MLS, have been down the last two years.  For example, during the 5 years between, 2017 and 2022, the average of number of sales in February was 5,426 .  Furthermore, the least amount of sales transactions during that time was in February 2019 being 5,145.  In contrast, the past two Februarys the number of sales was 4,258 in 2023 and 4,189 in 2024.   Nevertheless, the median price has generally trended up, with 2023 the only year to see a dip from the previous year.  Median price across the NWMLS in February 2017 was $335,515 and now this past February median price was $608,111.

Greater Seattle Median Real Estate Price

Seattle Real Estate Market

Seattle has generally followed similar trends as the overall NWMLS real estate market, but February 2024 bucked the trend of the recent market.  Like the overall market, Seattle saw an increase in median price for both homes and condos.  Home priced increased year-over-year from $595,000 to $634,900 in February.  Furthermore, condo median price increased from $521,750 to $554,000.  Where the markets diverged is in the amount of sales transactions.  Both the Seattle residential and condo market saw year-over-year sales increases.  There were 462 Seattle homes that sold this year versus 441 in February 2023.  In addition, Seattle condo sales were up to 636 this February versus 583 last year.  Not a huge jump in either case, but still impressive when the overall market was down.

Luxury Real Estate Market Too

Not only did the Seattle market buck the trend, so did the luxury market in both Seattle and across the NWMLS.  Sales of $2 million and more were up this February.  Across the NWMLS, there were 166 luxury sales this February versus 107 in February 2023.  Indeed, the Seattle luxury market was even more impressive.  Last February there were 13 Seattle luxury real estate transactions of $2+ million, with 4 sales over $3+ million.  In February 2024, there were 51 luxury sales!!!  Not only that, there were 12 sales of $3 million or more. There were almost as many sales this February of $3 million or more than there were of $2 million or more in February 2023.  

There might be many reasons of that, but in our experience the stock market has more influence over the luxury real estate market than does interest rates.  Last February, the S&P 500 was hovering around or above 4,000.  This February the S&P 500 around or above 5,000.

Learn More!

Click the link to learn more about the Seattle real estate market!  The monthly reports have more specific numbers regarding both Seattle home and Seattle condo market. Or click here to contact a Seattle real estate broker to discuss the market.    

Feature Picture:  This Queen Anne home features sweeping views of Belltown and Downtown Seattle as well as Space Needle, Mt Rainier, Elliott Bay and more.

For this blog, the information and statistics were derived from the Northwest Multiple Listing Service.

 

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

That really can’t be overstated and I think there are lots of even better things ahead! Keep going!

Mar 05, 2024 11:16 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thanks for sharing and enjoy your week!

Bill Salvatore, Realtor- Arizona Elite Properties

Mar 06, 2024 04:38 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Nice update!  Well done, and this is exactly what buyers and sellers need to make their market decisions.

Mar 07, 2024 07:41 AM