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Despite a wet and windy holiday season, buyers remained active in December. According to NWMLS data, showings and keybox usage increased by 3% and 6% year over year, respectively. Active listings saw double-digit percentage increases across all four markets compared to the previous year, providing buyers with more options. As is typical, there was a seasonal decline in active sales from November, likely as sellers delayed listing their homes until spring in anticipation of a busier market. With the new year underway, new listings are expected to ramp up as we approach spring selling season.
King County’s median residential sold price rose 3% year over year to $875,000 in December but dropped 5% from November’s $925,000, reflecting seasonal softening in competition and creating opportunities for buyers. Active residential sales increased 21% year over year, while closed residential sales climbed 13%. Meanwhile, December’s median sold price for King County condos fell 2% from the previous year, declining from $537,000 to $525,000. A 31% surge in closed condo sales compared to a year earlier points to strong buyer activity in this segment, likely driven by affordability concerns amid high interest rates.
In Seattle, single-family homes saw the median sold price rise 6% year over year to $898,900 in December, highlighting continued demand in the region. However, a 7% price drop from November suggests the typical winter slowdown influenced the market. Following the same trend, active and pending residential sales both fell 33% month over month. Still, active residential listings rose 12% compared to the year prior, signaling overall healthier inventories. Seattle’s condo market also saw notable shifts, with active listings jumping 41% year over year, though they decreased 28% between November and December. Median condo prices dropped 6% from the year prior to $550,000, likely due to higher inventory levels and increased buyer choice.
The Eastside continues to see robust real estate prices, with December’s median residential sold price climbing 7% year over year to $1,545,000. Active residential listings rose 22% from the previous year, offering buyers more selection, though closed and pending sales both dropped 7%. This decline in sales activity could reflect affordability challenges and the seasonal slowdown. The Eastside condo market performed particularly well, with the median sold price increasing 10% year over year to $695,000. Closed condo sales surged 54% compared to December 2023, underscoring strong demand in this segment. However, a 69% increase in active condo listings from the prior year suggests that supply is catching up to demand, potentially leading to more balanced market conditions as the year progresses.
Snohomish County’s residential market saw impressive growth in December, with the median sold price rising 15% year over year to $789,950. Active home listings climbed 34% from a year earlier, giving buyers broader options. While pending sales dropped 10% compared to December 2023, closed residential sales increased by 10%, showing that buyers remained engaged despite high interest rates and rising prices. The county’s condo market experienced a dramatic 108% year-over-year increase in active listings. However, closed and pending sales struggled to keep pace, pointing to increased competition among sellers for buyer attention. Even so, the median sold price for condos rose 5% year-over-year to $549,975, indicating continued demand for well-priced properties.
As buyers and sellers adapt to the ongoing impact of higher interest rates, the spring market is likely to bring both opportunities and challenges. Rising inventory levels may influence buyer demand and pricing strategies in the months ahead. To understand the forces at play in today’s real estate landscape, reach out to a Windermere advisor for real-time advice and tailored strategies.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
