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

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KING COUNTY

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SEATTLE

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SNOHOMISH COUNTY

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REPORT

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