T
he Northwest Multiple Listing Service reported a significant surge in active real estate listings and closed sales for October, highlighting a shifting market amidst ongoing mortgage rate uncertainty. Active listings increased by 29.8% year-over-year, with 14,795 properties available in October 2024 compared to 11,403 in October 2023. However, this marks a slight decrease from September's 15,748 listings.

    Twenty-three counties across the NWMLS coverage area experienced double-digit inventory increases, led by Grant (+54.6%), Clark (+49.7%), and Pacific (+48%) counties. New listings also rose, with 7,726 properties added to the market - a 26% increase over October 2023. Cowlitz (+53.6%), Clark (+52.9%), and Kittitas (+44.9%) counties saw the highest year-over-year growth in new listings.

    Pending sales climbed by 26.7%, with notable growth in Douglas (+110%), Okanogan (+107.4%), and Clark (+84.9%) counties. Closed sales increased by 22.5% year-over-year, totaling 6,479 transactions in October 2024 compared to 5,291 in October 2023.

    The total dollar value for residential and condo sales reached approximately $5.27 billion - a 33.4% increase from last year. The inventory of available properties remained below the balanced range, with a current supply of 2.28 months across the NWMLS coverage area. King, San Juan, and Snohomish counties reported the highest median sale prices, while Ferry, Pacific, and Grant counties recorded the lowest.

    "The only thing that seems certain about this market is that houses are not becoming more affordable," said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington. The NWMLS website offers deeper insights into each county's market data, providing a closer look at the evolving real estate landscape across the region.