This story was originally published on MyNorthwest.com.
In November, Washington saw a 24% increase in active listings through a year-over-year comparison. The state also had a 21.7% decline in closed sales compared to October and a 10.6% decline in closed sales compared to November 2024.
Additionally, the median sales price for residential homes and condominiums in November was $630,000, a 2.3% year-over-year decrease, according to the Northwest Multiple Listing Service (NWMLS).
WA’s rising inventory meets softening sales in November
NWMLS noted that throughout this time, buyer activity was steady, and the data indicated a market with increasing supply, average price adjustments, and stable buyer engagement.
“Mortgage interest rates leveled off in November, ending the month at 6.23%. Persistent interest rates, combined with the usual seasonal downturn at this time of the year, have caused prices and sales to drop both month-over-month and year-over-year,” Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington, said.
The number of homes listed for sale in November had a year-over-year increase of more than 40% in three Washington counties, while active inventory decreased by more than 17% across the state compared to October.
The three counties with more than a 40% year-over-year increase in active inventory for sale were Jefferson (47.9%), Thurston (46.6%), and Snohomish (41.7%).
The six counties with the largest year-over-year decreases in closed sales were Okanogan (-34.3%), Chelan (-26.7%), Skagit (-23.2%), Kitsap (-20.1%), Mason (-14.6%), and Snohomish (-14.6%).
The counties with the highest median sales prices were San Juan at $1,025,000, King at $830,000, and Snohomish at $719,000. The three counties with the lowest median sale prices were Pacific at $283,400, Columbia at $295,000, and Adams at $320,000.
The total dollar value of closed sales in November was nearly $3.4 billion for residential homes and more than $370 million for condominiums.
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