![]()
As we march steadily into the cooler winter months,
the expected seasonal slowdown is upon us. Interest rate increases have
continued to influence a quieter-than-usual fall market. Higher mortgage
rates reduce buying power, as well as the momentum of move-up buyers
and sellers. Fewer sellers mean lower inventory and a reduction in closed
sales.
Indeed, the supply of listed homes in our region has
continued to decline. As compared to the same month last year, October
experienced a 30% decrease in active King County property listings.
If trends hold true to the past three years, the start of
winter will bring rising home prices locally. It is expected that median sold
prices will rise between December and April, unless rates increase
significantly.
In King County, the median price for single-family
homes dropped 2% from $903,000 in October 2022 to $882,997 last month.
This was a slight bump up from September, and a 14% increase year-over-
year. Despite the expected seasonal lull, 33% of homes are selling above list
price in an average of just 6 days. This demonstrates a willingness for buyers
to compete for the most desirable properties. Condo prices rose 9% year-
over-year to $540,000, versus $494,975.
Following modest price gains from August to
September, the Seattle residential market saw a 5% decrease in the median
sold price for single-family homes between September and October, from
$926,000 to $900,000. Inventory dropped slightly, spurring an increase in
the number of homes selling over list price by 5% compared to September.
Homes sold, on average, in 6 days. Sold condo prices were 10% higher year-
over-year, rising from $522,500 in October 2022 to $573,750 last month. By
the end of October, Seattle condo inventory was at 3.6 months' supply,
double the amount for single-family homes.
On the Eastside, median sold prices dropped slightly
from $1,427,500 in September to $1,420,000 last month, though demand
remained high. The portion of homes selling above list price increased to
34% in October, which is more than double the percentage selling over list
price at the same time last year. There was also a notable year-over-year
difference in months of inventory: 1.5 last month, versus 2.4 in October
2022. Condos on the Eastside sold for about 8% more year-over-year,
increasing from a median sold price of $607,500 last year to $657,000 last
month.
The October median sold price of a Snohomish County
single-family home remained flat year-over-year, at $729,950. Homes selling
above list price dropped from 31% in September to 26% last month, the only
region covered here with a drop in this metric. That’s still a large increase
from October 2022, when 13% of closed sales were over list price.
Residential inventory dropped by 38% from October 2022, while the number
of listed Snohomish County condos dropped by 23% year-over-year.
The early part of the calendar year typically sees an
increase in multiple offers, driven by sellers listing properties in the spring
and by a seasonal influx of motivated buyers. With the new year on the
horizon and an expected increase in both inventory and buyer activity, now’s
the perfect time to chat with your Windermere broker about how to navigate
the current market to match your goals.
EASTSIDE
VIEW FULL EASTSIDE REPORT
KING COUNTY
VIEW FULL KING COUNTY REPORT
SEATTLE
VIEW FULL SEATTLE REPORT
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY
REPORT
This post originally appeared on
