Weekly King County Market Watch
King County’s market activity was mixed during the week ending August 23. Active inventory was essentially unchanged, edging up 0.1% to 8,071 homes, while new listings declined 11.2%, suggesting that available supply remains elevated even as the pace of new inventory entering the market slows. Closed sales fell 15.4% to 417, while pending sales increased 2.4% to 477 contracts, indicating relatively steady buyer activity despite softer completed sales. Pricing was generally stable, with the average sold price declining 0.4% to $1.076 million, while the median sold price increased 2.4% to $845,000 and average sold price per square foot rose 1.2% to $516. Homes continued to sell for approximately 98% of the current list price and 96% of the original list price. Market times lengthened more noticeably, with average days on market increasing from 35 to 42 days and cumulative days on market rising from 46 to 55 days. Overall, King County continues to carry elevated inventory while new supply moderates, and the combination of stable pending activity and longer market times suggests buyers remain engaged but are taking more time and maintaining greater negotiating leverage.
Contact me today to set up a consultation in person or virtually to learn more about market conditions, Compass Concierge, and how I can leverage our nationwide network to source buyers to sell your home for more money.
