Puget Sound Home Sales Picked Up Steam In January

KIRKLAND, WA — Home sales surged across Washington in January, renewing competition among buyers after a calmer stretch in the market.

The Kirkland-based Northwest Multiple Listing Service, which tracks real estate trends in 26 counties, found pending sales soared 44 percent in January. With nearly 5,800 accepted offers, sales last month reached their highest level since October.

"We are seeing multiple offers once again," said John Deely, a vice president at Coldwell Banker Bain. "It's not like the peak of the market, but buyers are out there and competing for properties."

Brokers credited declining mortgage rates and pent-up demand for the "favorable spike," noting prices were up nearly half a percent from the same time last year. Buyers are also seeing more choices than in early 2022, with more than 8,200 active listings in the database in January. Inventory still varies widely by region, and buyers in the three largest counties have fewer options.

"While residential inventory is popping above six months in a few of our reporting counties, which is at the upper edge of a balanced market, our most populated counties — King, Pierce and Snohomish — are still sitting at one to two months of inventory, which is indicative of a seller's market," Deely said.

Fixed rates for a 30-year mortgage dropped nearly a point, landing just above 6 percent from a November peak, which brokers said can help more prospective homeowners qualify for a loan and kick off the more active buying season ahead of schedule.

"The spring real estate market is here early," said Dean Rebhuhn, owner of Village Homes and Properties. "A combination of pent-up buyer demand, attractive prices and low inventory in King, Pierce and Snohomish counties are driving sales."

The median price for a home in King County was $723,000 (+0.42%), $645,000 (-6.09%) in Snohomish County, and $509,997 (-0.97%) in Pierce County. San Juan County remains the state's priciest, where the median cost for a home slipped 1.3 percent to $810,000 in January.