King County Real Estate Market Update | December 2024

Hey, I’m Zach McDonald, your real estate agent with Real Property Associates, and this is my King County real Estate market update for December, 2024. This is our last housing market update for the year. And we’re going to be looking back at November’s stats. And again, December’s already well underway and we have seen the housing market doing this right? It’s constricting. There’s less houses on the market. Some of the houses that have been sitting on the market for a while are selling. Some of them are selling for pretty good discounts, right? So buyers, this would be an opportunity where houses that have been sitting for a while may have a little bit more wiggle room on the price, whereas when we come into 2025, some of those houses are going to be taken off the market shortly, maybe coming back on in 2025. Others, others of those houses are going to be listed in 2025.

So I think right now there are some houses that have been on the market for a while. They may have some quirks, right? There may be things about these houses that you can’t change, and those would be things to consider maybe holding off for, right? If you’re a buyer, you don’t want to necessarily buy a house that you can’t redeem, but at the same time, there may be houses that are just overpriced and you might be able to get it for a fair price or even a deal in this time of year. So anyways, wanted to share that for buyers. A little tidbit about shopping for houses. Now as we’re looking at the data, let’s zoom in on new listings because as predicted, new listings are pulling back, and I can’t say it takes a profit to predict that listings are going to decline this time of year.

We’re looking at 980 new listings. Now get this last month, 1,990 new listings. So we had less than half of the new listings this month than we did last month, and that’s actually less than we had in 2023. Snohomish County had a little bit more. King County had fewer new listings this November than last November. Pending sales though up 28.3% year over year in King County, considerably more actually. And if we look back at last month, those pending sales numbers are down from last month to be expected though, right? A lot less houses on the market, less houses to sell. The trend though, as it we’re seeing the inventory dwindling, the closed sales were also up from the last year as well in King County down month over month, right? Again, to be expected. The supply number though, the supply number, 1.4 months versus 1.9 months last month.

So again, constricting fewer houses available and some of those houses here, days on market, 29 versus 25 last month. That would also expected, in my opinion, because we would’ve had houses that were listed in October and September that are selling and pulling that number up, I would expect from now on to start seeing that number going down. So I think we will see that number getting smaller, heading into 2025. If it’s not in December, it’ll be in January. Some of those houses that are taking a while to sell are selling now. Now looking at our median sales price and average sales price, those have remained very close to the same. We saw 9 45, 2 58 last month for the median sales price up 7.6% year over year in King County. The average sales price in King County is up 6.8%, year over year 1,199,000 6 57. And houses are selling just over asking price in King County 0.1% over the asking price last month.

And again, we’ve been seeing that number of houses dwindling. And what does that mean for buyers? For buyers, that means there are fewer houses available to choose from. The bigger the supply number, the more houses to choose from, and the better chance that you are not competing with another buyer for a house. If you’re a seller, that means number one, that there are now more buyers competing for your house and you have a better chance of getting multiple offers. So I think right now, if you’re a seller, you are excited. If you’re currently on the market, you’re hopeful that your house will sell soon. And if you’re a buyer, I think you’re hoping to make a purchase now while you can, before things start to get a little bit more competitive in the spring. And looking at the data here, we’re seeing what I would expect to see in a market transitioning back towards competition in the springtime.

As we wrap up the last market update here for 2025, I wanted to just take a moment and wish everybody a happy holidays. Merry Christmas, happy New Year. We are not going to be back at the monthly market update until 2025. I’ll share the housing market watches here over the next few weeks. So if you haven’t paid attention to those, those are our weekly snapshots of King and Snohomish County data, as well as some predictions for 2025 coming up here soon. Thanks so much for watching this month’s King County Real Estate Market update. Hope you got some value here. If you made it all the way to the end, please consider subscribing to the channel. And as always, if there’s ever any way I can bring value to your situation buying or selling, I’d love to be a resource.