Absorption rate: In King County, the real estate market has been dynamic in March 2024. The absorption rate, which measures how quickly available housing inventory is being purchased by buyers, has steadily increased since the start of the year—a typical trend for the Spring market. As of March 2024, King County had an absorption rate of 0.9 months of supply, indicating that it would take approximately 0.9 months to absorb the existing supply of single-family homes. While this figure varies based on price points, the overall market average is trending back down to levels seen in 2021, characterized by record-low supply levels and fierce competition. In Seattle and on the Eastside, it’s not uncommon to see homes going under contract for 10-20% over the list price, with winning offers often waiving contingencies and providing released earnest money. These conditions heavily favor sellers but pose challenges for buyers.
Sales Activity: the number of new listings remained comparable to March 2023, but pending sales surged by 17% in March 2024, indicating robust buyer demand. The count of closed sales in March was roughly the same as the previous year. Homes typically took an average of 5 days to get under contract, emphasizing the swift pace of transactions. Listings sold for an average of 3.4% over the list price, reflecting the competitive bidding environment.
In summary, the real estate market in King County continued to heat up in March, making it essential for both sellers and buyers to stay informed about these market dynamics.
