Seattle Housing Market Updates - Jan 2024

Feb. 5, 2024
4 min read
Team skills.ai

Author

Team skills.ai

Executive summary

  • Over 2023, the median listing price in the Seattle-Tacoma-Bellevue, WA metro area showed an upward trend until June, peaking at $824,500. However, it then fell to $749,000 in December. Despite fluctuations, the December 2023 price was higher than that of December 2022 ($725,000).
  • The active listing count saw an overall increase throughout 2023, peaking at 5293 in November. The lowest count was observed in February and March 2023, and highest in November 2023. There was a significant drop in listings in January 2024.
  • The median days on market decreased from 65 to 29 days from January to June 2023, then gradually increased to 57 days by December 2023. The longest and shortest periods were recorded in January 2023 and May/June 2023 respectively.
  • New listings showed a seasonal pattern. The second season saw the highest average new listing count, suggesting a surge in listings. The third season also had high listing count, while the first and fourth seasons had fewer listings, indicating a decline in this period.

About the data

Last 13 months of historical monthly house sales and inventory data for Seattle-Tacoma-Bellevue, WA metro area, updated every month. Data source: realtor.com.


Analytics

1. Median listing price trends over time

  • The median listing price has shown a general upward trend from December 2022 to June 2023, hitting a peak of $824,500.
  • The price then experienced a downward trend from June 2023, falling to $749,000 by December 2023.
  • The largest month-on-month increase in the price occurred between February 2023 and March 2023, with an increase of $39,275.
  • The largest month-on-month decrease happened between October 2023 and November 2023, with a drop of $39,837.
  • Despite the fluctuation, the median listing price in December 2023 ($749,000) is still higher than that in December 2022 ($725,000).

2. Active listing count fluctuations across months

  • The active listing count sees a general increase throughout 2023, starting at 3674 listings in January and peaking at 5293 in November.
  • The count experiences a slight drop from 3674 in January to 3106 in March, but begins to increase steadily from April onwards.
  • The highest fluctuation occurs between October (4808 listings) and November (5293 listings) with a surge of 485 listings.
  • The number of active listings significantly drops by 1974 from 5293 in November 2023 to 3319 in January 2024.
  • The lowest count is observed in February and March 2023 with 3116 and 3106 listings respectively, while the highest is in November 2023 with 5293 listings.

3. Median days on market analysis

  • The median days on market shows a general decreasing trend from January 2023 to June 2023, dropping from 65 to 29 days.
  • From July 2023, there's a gradual increase, with the median days on market rising to 57 days by December 2023.
  • In January 2024, the median days on market increased slightly to 59 days.
  • The shortest median days on market was 29 days, seen in May and June 2023.
  • The longest median days on market was 65 days, observed in January 2023.

4. New listing count seasonality patterns

  • The data shows a clear seasonality pattern in the count of new listings.
  • The highest average new listing count is observed in the second season (approximately 3955), suggesting a significant surge in listings during this period.
  • The third season also sees a relatively high average count (around 3512), indicating maintained interest in listing.
  • The first and fourth seasons experience lower average counts, at about 2768.5 and 2472 respectively, implying a decrease in new listings during these times.
  • Overall, the pattern suggests new listings peak in the second season, remain relatively high in the third, and then decline in the first and fourth seasons.

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