King County Real Estate Market Update | March 2025

Hey y’all. Zach McDonald, your real estate agent with Real Property Associates, and this is my King County real estate market update for March, 2025. Well, as you can expect, we’re nearing the spring housing market here in Seattle. I would say we’re already in the thick of it, depending on the price range here in King County or Snohomish County for that matter. You’re seeing houses selling over asking price, or right around the asking price. Generally selling relatively quickly. If you’re looking at single family houses going quickly, a lot of times multiple offers, especially in the median sales price range, the condo inventory in Seattle is quite a bit higher than the inventory for the single family houses. We can even just look at King County as a whole 2.8 months of supply, 1.3 months of supply for single family homes. So in these updates each month we’re looking at the single family data primarily, and we are looking at and comparing it with how the market was last year, year over year, but also how things have moved month over month.

Something I want to add to these updates is something I added to my market watches each week, and those market watches have included some weekly data, unpublished data, so to speak, on the MLS. They can give us a snapshot over the past week and we can see kind of where the market is moving without waiting until this time. So I’m going to add that in towards the end. So we’ll look at last month’s data recap, but also see what’s going on currently with a little bit more accuracy. So if we look at month over month, we’re seeing an uptick in the listings here in King County, but not very much. Modest uptick month over month and year over year, only 2.8% more listings. And that’s been something we’ve seen this year so far more listings coming on the market in King County than we have in the past few years.

If we look at the pending sales number, we’re also seeing an uptake in pending sales. So not only are we seeing more listings coming on the market, but we’re also seeing more listings coming off the market. 4.3% more pending sales than last year, and also an uptick from last month as well. Close sales, more close sales month over month and year over year, interestingly down 2.5%. So those would be sales that would’ve been under contract in January, closing February. But what we’re seeing now is we’re seeing more and more houses selling. A lot of those would be closings in March, days on market, month over month, considerably less 30 days on market versus 45 days on market in January. I mentioned that that was going to start to shift in the last update. Typically January is a lot of closings of houses maybe that were listed in October, November, December.

Now we’re starting to see some of the new ones that are listed mixed in with some of the old ones, and that’s why we’re seeing that average trending down. So 30 versus 31 last year as well. So still a little bit quicker even than last year, but starting to get into that normal spring rhythm here in the Seattle area. Median sales price, 9 39 75, the median sales price here, less than last year on the report here, down 0.8%, so about the same as last year, but up from 8 55 last month. And again, the median sales price isn’t a great indicator of how much the market’s appreciated in month time span, but it’s a good number to pay attention to, especially in the year over year reflection. And same with average sales price here, average sales price is up just barely from last month, 1,183,385, and that’s down 0.9% year over year, but again, up slightly month over month.

Something that we’re also seeing right now is houses selling over asking price. I mentioned that a little bit earlier in the video. 2.3% above asking price on average in King County. A lot of that is market dependent. It is price point dependent. It is house dependent, right? It’s house type as we were talking about a little bit earlier. Condos conversely are selling below, asking price across King County and also taking quite a bit longer average days on market for a condo to sell 50 days. And this is across King County as a whole, not any specific location. And again, single family, 30 days on market. Now, if we look at the inventory, the inventory numbers have been increasing, so there’s more homes available than last month, but also year over year, 35% more houses available, single family houses available than the same time last year.

And condo inventory is crazy too. Condo inventories up 70.5% year over year, and our supply number 1.3 months of supply is up barely from last month, 1.2, but 30%. So from 1.3 last year, one month of supply, not a huge difference, but if we continue trending up, once we get to around two months of supply, that’s where things start to slow down. Houses don’t sell as quickly, you don’t see as much of the multiple offers, houses selling over asking price. Those types of trends start to change because there are more options and less pressure on each of the houses. Now, I mentioned sharing something new, and this is I think going to be valuable for you, and this is the weak data. So this would’ve been last week’s data up till now, what’s been going on in King County, so we can see a little bit more of a current in the moment.

Look, and if we’re looking at the median unpublished price, right? So we don’t know which listings have sold yet, but we at least have an idea for the dollar amount, 1,001,900. It’s a little tough number to read here. That was the price here over the last week in King County, which would be getting us up towards that million dollar median sales price, the average unpublished pending right list price to sales ratio. So that’s how much over asking price did this house sell right at asking price? So we’ve been seeing houses selling over asking price over the last week. They’ve been selling closer to asking price, at least the average, right? And so looking at the next couple data points here, we’ve got the pending sales with multiple offers. 37% of all the pending sales in King County last week had multiple offers. 36% included an inspection addendum.

So that would mean that a large majority did not include an inspection addendum, whether they just went ahead and proceeded without an inspection or maybe the seller provided an inspection. That’s fairly common in our market right now. The pendings with the financing addendum, 59% is a sizable number, more than 50%. Some of these people would be buyers that are paying cash, so they’re not going to need a financing addendum, but then other people are going to be risking essentially their earnest money saying, Hey, I’m good. I got my pre underwritten approval. I’m going to qualify for financing. If we look at last week, 61% had a financing addendum. So a slight change there, a little drop in. The buyers that have the financing addendum and then the escalation addendums, we saw 19% of all offers included. One. That doesn’t mean that it’s sold for over asking, sometimes people just offer more out of the gate.

But the pendings with an escalation last week, 17%. So a little bit more of the price competition there, even though if we look at last week, we had more multiple offers than we did this current week, but we saw maybe the ones that did have multiple offers be a little bit more competitive is kind of how I’m interpreting this data. So thinking about King County Housing Market, a lot of it has to do with where you’re located. So certain markets, especially Bellevue and the east side, near Redmond, Kirkland, those specific areas are going to be more competitive than others, and those areas are going to be pulling up these numbers. But if we’re going to focus in on and in the monthly market update for Seattle and Bellevue, I’ll be talking about that a little bit more in a different video. So you can tune in if you want some more specific data for the big cities, the Twin Cities of Seattle, so to speak.

But overall, the county is seeing the housing market picking up just like it normally does in the spring. You’re seeing more buyer activity, you’re seeing more listing activity in general. There’s not quite enough inventory for all the buyers, so that’s why you’re seeing the competition and the upward pressure on prices. And it’s even looking at interest rates right now, hovering around 6.8, 6.79 is what Mortgage News Daily is saying here for today’s rate survey. It’s been around that for the past couple weeks. They’ve trended down slightly, the s and p five hundred’s a mess right now, or at least it’s been correcting quite a bit here lately. So I think there are going to be some buyers maybe a little bit more concerned about that over the past week, and that might be affecting our data a little bit as we’re looking at the weekly stuff.

But rates for the mortgages haven’t really changed yet. More connected towards inflation data than anything else, and the big updates come in here soon. So we’ll have some more updated inflationary data to again influence these rates most likely towards the end of this week. So thanks so much for tuning into this month’s King County Real Estate market update. If you made it all the way to end, note that you’ve got some value out of this. So please consider subscribing to the channel for more videos like this on the Seattle area housing market. And if I can bring some value to your situation buying or selling here in King County, I’d love to be a resource.