Seattle Market Sales Monthly Report

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A modest decline in interest rates has fostered cautious optimism, with rates dipping to approximately 7.2% as of December 1, 2023, compared to 7.8% in October 2023. A sustained reduction in interest rates is anticipated to positively influence the overall market.

In November 2023, the median price of single-family homes in King County was $879,000, reflecting a 2.3% decrease from November 2022 ($900,000). Similarly, Snohomish recorded a median price of $730,000, down 3.8% from November 2022 ($758,500).

Comparing November 2023 to the same month the previous year, there was a notable 17% decrease in the number of active property listings, contributing to an ongoing decline in the total volume of homes available for sale. Consequently, the days on the market for properties decreased in most zip codes.

While the autumn and winter months traditionally witness a decline in sales transactions and housing inventory, the current seasonal slowdown is accentuated by the prevailing high-interest rate environment for mortgage-dependent buyers.

Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington, highlighted the challenges: “With the 30-year fixed mortgage rate currently hovering just above 7.2%, the purchasing power of prospective buyers remains constrained compared to a few years ago. Furthermore, existing homeowners with low-rate mortgages remain hesitant to sell, contributing to a continued year-over-year decline in transaction volume and inventory levels in the market.”