As the holidays approach, we’re in a season known for a natural slowdown in real estate market activity. While month-to-month declines in active listings and closed sales are expected at this time of year, these fluctuations don’t suggest a downturn. In fact, last month saw an increase in year-over-year closed sales, signaling a healthy market with sustained demand. Looking ahead to the winter months, many homeowners will begin preparing their properties for spring listings, and with interest rates remaining lower than a year ago, demand from buyers should remain strong.

In November, King County’s median residential sold price rose 4% year over year, climbing from $885,500 to $925,000. While the number of active residential listings was 14% higher than at the same time last year, it fell by 25% from October’s level, largely due to seasonal market shifts. Pending residential sales dropped 31% from the previous month but remained 15% higher than a year prior. King County condos saw a year-over-year price increase of 17%, with a median sold of $565,467. The number of active condo listings was also 49% higher than last year, giving first-time homebuyers new opportunities in this segment of the market.

Seattle’s November median residential sold price inched up 3% year over year, reaching $968,000. However, this level remained roughly flat compared to last month. The number of closed residential sales jumped 22% from the same time last year, demonstrating a notable increase in buyer activity. Active residential listings rose 13% from a year prior, but dropped 26% from October, aligning with expected seasonal trends. Meanwhile, Seattle’s condo market experienced a significant boost in inventory this November, with 32% more active listings than at the same time last year. Perhaps due to buyers having more choices this year, the median sold price for condos slipped 1%, down to $574,950.

On the Eastside, the number of active residential listings dropped by 27% month over month but finished November 1% higher than a year ago. Single-family homes sold for a median price of $1,537,312, reflecting a 10% year-over-year increase. The number of closed residential sales jumped 23% compared to the same time last year but decreased 20% from October. Eastside condos also saw a 10% year-over-year price increase, with the median sold price reaching $685,000, though this was down from $740,000 in October. The month-over-month decline may reflect the significant 77% increase in the number of active condo listings compared to last year, giving buyers more options.

Snohomish County experienced an 8% year-over-year increase in the median sold price of a single-family home in November, rising from $725,000 to $784,976. The number of active residential listings declined 22% month over month, likely due to seasonal changes, but still finished the month 12% higher than a year ago. Closed residential sales surged 30% year over year, while pending sales climbed 16%, signaling increased buyer demand and a robust market. Snohomish County condos also posted gains, with the median sold price rising to $535,000, up 3% from last year. At the same time, active condo listings jumped 51% compared to a year prior, providing buyers with more opportunities.

November’s hot/cold market trends mirror patterns we saw a year ago, suggesting that Q1 of 2025 could once again bring rising prices. As we look ahead, it will be interesting to see how higher asking prices and shifting interest rates shape opportunities for buyers and sellers in the coming months. For help navigating these market fluctuations, connect with your Windermere broker for expert insights and up-to-the-minute advice.

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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.

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