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July brought a shift across our four markets: after a year of building inventory and softening prices, every market area moved into balanced territory, with prices staying relatively steady across the board. Buyers, working with more leverage than in recent years, are finding more homes to choose from and taking more time to make decisions. Sellers are seeing that homes priced right and presented well are still attracting buyers. It’s a market that rewards preparation on both sides of the transaction, and one where good strategy pays off.
KING COUNTY
With 3.1 months of inventory, King County settled comfortably into a balanced market in July. The median residential sold price came in at $995,000, down 1% year over year but up slightly from June, a sign that pricing may be leveling out. Active listings rose 25% from a year ago, giving buyers considerably more to choose from, while closed and pending sales dropped 10% and 11% respectively, showing that buyers are willing to wait. Well-positioned homes are still moving quickly, though: nearly a quarter sold above asking price. More than a third of homes (35%) sold only after a price change, a signal to sellers that strategic pricing from the start remains the clearest path to success. In the condo segment, the median price dipped 2% year over year to $519,975, while active listings grew 21%.
SEATTLE
Seattle offered a bit of something for both buyers and sellers in July. Buyers continued to see more options than last year, with a 16% year-over-year increase in active listings. For sellers, the market remained competitive: 31% of homes sold above asking price and over 80% went under contract within 30 days, the fastest pace among our four areas, proof that strong demand for the right homes is still out there. But even so, activity was down compared to last year: closed sales cooled 14% and pending sales fell 17% as buyers continued to wait and watch. The median residential sold price dropped slightly, down 1% month over month and 1% from last year to $999,500. In the condo market, the median price fell 5% year over year to $525,000 as active listings rose 12%.
EASTSIDE
The Eastside gave buyers the most room to maneuver of our four markets this July, with active listings up 38% year over year and available supply reaching 4.0 months, teetering on the cusp of a buyer’s market. That expanded selection translated to real negotiating power for buyers: nearly three-quarters of homes sold below asking or after a price change. The median residential sold price held essentially flat from last year at $1,575,000, and 74% of homes sold within 30 days. Eastside condos saw the median price drop just 1% even as active listings rose 28%.
SNOHOMISH COUNTY
Snohomish County was the standout market in July. Closed sales rose 3% year over year, the only market to post a gain across our four regions, even as active listings climbed 33%, giving buyers more choice without cooling transactions. The median residential sold price fell 6% year over year to $757,250, opening opportunities for more buyers. 40% of homes sold only after a price reduction, but 71% went under contract within 30 days, showing that buyers remain engaged and ready to act when the price is right. The condo market followed a similar trend, with closed sales up 9% even as the median price fell 6% to $500,000.
As we enter the final month of summer, the question on everyone’s mind is whether this new balance holds. Mortgage rates remain persistently high, and affordability concerns are keeping potential buyers on the sidelines. But for buyers who are ready, greater selection and softer prices than in recent years means more opportunity. Sellers who list in the coming months may find more interest, too, since fewer new listings typically hit the market after the summer season, and well-prepared homes could stand out even more as choices thin out. Whichever side of the of the transaction you’re on, an experienced Windermere advisor can help you map out a plan and timeline that fits your goals.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
