Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my March 2024 Market Update!
2023 may have been a snooze fest for real estate, but hold onto your hats because 2024 is about to bring in the heat! March has barely begun, and the market is already sizzling. Let’s dive into some of these metrics.
First up, the median sales price is skyrocketing. In February alone, single family homes in King County saw a jaw-dropping 16.1% surge from last year, hitting an average of $935,000.
Meanwhile, single family homes in Seattle are not far behind with a 13.1% boost, reaching an impressive $927,450.
And guess what? These figures are already higher than last year’s highest median sales price. And guess what else? The spring sale is just getting warmed up!
But wait, there’s more! New listings are flooding in, up a whopping 39.4% in King County and 36.1% in Seattle. Similarly pending home sales, those home that received an offer but haven’t close yet, they’re on fire too, jumping 15.7% in King County and 21.3% in Seattle.
By the way, if you want to look at this data and read my report at your pace and leisure, you’ll find all this information in my March newsletter, available online and for download, for free, at Weisbarth.com/Newsletter, that’s Weisbarth.com/Newsletter.
These numbers are off the charts! If these trends hold even at a more modest pace, 2024 is going to be a great year for real estate.
And just to be clear, it’s not just King County and Seattle stealing the spotlight. Similar trends are popping up in Pierce and Snohomish counties, and all across western Washington.
What’s driving this frenzy, you might ask? Well, it’s the perfect storm of pent-up demand and pent-up supply that brewed over the past year. Those high interest rates that prevailed through most of 2023 really scared many buyers and sellers. But at some point, people have to just move on with their lives, and so when the interest rates dropped below the 7% mark late last year, we started seeing a mini surge in buyer activity, that picked up speed after the first of the year.
Interestingly, a large percentage of the new listings were new construction homes. Hopefully we’ll see more existing home owners list their homes in spring, which the more traditional time for many such seller.
How long will this party last? Who knows! But if my crystal ball is right, we’re just scratching the surface of this real estate extravaganza. With interest rates holding steady – or dare I say, dropping further – the market’s momentum shows no signs of slowing down. Buyers in particular are very active, fueling bidding wars and pushing prices higher.
So whether you or someone you know is itching to buy or eager to sell, now’s the time to seize the moment! Take advantage of our free, no-obligation consultation offer. We’ll decode the market madness and craft a winning strategy tailored just for you.
You can easily refer your friends, family or colleagues to us by email, or on my website and Weisbarth.com/refer, or, the best way, just call me! My direct phone number is 206-779-9808, and I’m always happy to speak with old friends and new friends alike, and help in any way I can.
And hey, let’s not forget the cherry on top: with the help of your business and your referrals, a portion of our earnings goes straight to supporting the kiddos at Childhaven.
So what are you waiting for? Dive into spring with confidence! Reach out and let’s make this season the hottest one yet!
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I'm Doron Weisbarth with Weisbarth & Associates. Happy Spring, indeed!