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Typically when fall rolls around, our local real estate market begins to cool. Last month, however, perhaps in response to lower mortgage rates, home buyers jumped excitedly into the market and sellers responded to the increased demand by listing their homes and pushing up the supply available to those buyers. Despite the addition of these homes to the market (the most in the Seattle area since pre-pandemic, according to The Seattle Times), residential prices have stayed steady or increased month over month, reflecting continued competition among buyers.
In October, the median sold price of a King County single-family home was up 9% from a year ago, from $882,997 to $960,000. Last month’s residential sales activity was remarkably strong, with the number of closed transactions up 26% from September and 33% from a year prior. October’s pending home sales were 33% higher than a year ago, a further marker of the month’s robust activity. The market for King County condos also experienced growth in October, with the number of closed sales rising 25% from September, and the median sold price rising 4% year over year, to $562,500.
In Seattle, the median sold price for a single-family home was $972,500 in October, up 8% from a year ago and 4% from September’s median of $938,006. The number of closed residential sales last month was 49% higher than in September, revealing how much the late summer/early fall market was propelled by buyers trying to take advantage of declining mortgage rates. As for residential inventory, October ended with roughly the same number of active listings it started with, but 25% more than a year ago. The Seattle condo market is seeing the effects of a major (+40%) year-over-year supply increase: the number of closed sales grew by 56% between September and October, while the median purchase price dropped 4%, from $606,000 to $580,000.
On the Eastside, the residential market kept churning despite declining inventory. Half of last month’s home sales closed at or above asking price, and the median purchase price for a home stood at $1,550,000 in October, up 9% from a year ago. Over the course of last month, the number of active Eastside listings dropped by 17%, a reflection of the busy pace of sales and a 21% year-over-year increase in the number of closed transactions. Eastside condo prices also rose in October — up 13% from a year ago and 7% from September — to a median of $740,000.
In Snohomish County last month, the median sold price of a single-family home was $810,000, up 5% from September and 11% from a year ago. The number of closed residential sales in October was 20% higher than it was for the same month last year. This surge in activity likely owes to two factors: declining interest rates drew more buyers into the late summer/early fall market just as a rising supply of Snohomish County homes provided greater selection (October ended with 22% more active listings than we saw a year ago). In the Snohomish County condo market, October’s median sold price of $509,500 was up 5% from a year ago but down 4% from September.
It will be interesting to see if either rising interest rates or a holiday season slowdown can cool the buzzy activity in our region. But tenacious buyers will continue to absorb smartly priced listings offered by sellers who stay alert to both their competition and a constantly shifting market. To navigate this real estate landscape, reach out to your Windermere broker for real-time insights and expert advice.
