King County Real Estate Market Update | December 2023

 In #King County Real Estate Market, #Thoughts, Seattle Real Estate Market Updates

Hey all, Zach McDonald, your real estate agent with Real Property Associates, and this is my King County real Estate market update for December, 2023.

Welcome back, I’m excited to wrap up the year really here with you as we’re heading into the holidays and finishing out 2023. And as I predicted, we’re seeing that prices are now in King County up year over year, and we’re seeing some of the highest prices, actually the highest prices that we’ve ever seen at this time of the year in King County. So with all the ups and downs, with the market taking off like crazy and then rates going up and the adjustments to prices over the past year, we are finding ourselves in the positive again. So let’s look at these numbers here. The biggest thing that I’ve noticed is that we’re continuing to see the decline in inventory, which is normal for this time of year, but things are continuing to tighten up. So new listings. This last month we had 1091 listings come on the market, which is down 9.2% from last year.

So we had even fewer than we did last November and month over month we’re down from 1566 the prior month, and over 2000 in September. So we’re seeing the normal seasonal slowdown in listings, but we’re also seeing a year over year decline there in King County pending listings our down month over month, but up year over year. So we’re seeing a little bit more buyer activity this year than we did last year, even with fewer listings coming on the market, which means that inventory is going to be declining. Just a heads up, days on market, 26 days on market, which is up a little bit from last month at 23, but we’re seeing a decline of 10% year over year. So it’s normal to see some stuff take a little longer to sell this time of year median sales price, I gave it away 7.8% up in King County year over year.

Last year we were eight 30, so if you bought a house last year, you were paying eight 30 in King County. Now you’re paying 8 95. Average in King County is up 9%, $1,140,410 is our average sales price in King County. Again, 9% up. So we saw the prices adjust and decline in 2022, and now we’re seeing that they’ve been on the uptick on average for the year, and now we’re ahead of where we were last year. So percentage of list price received we’re down slightly, but just under a hundred percent. So most houses are selling at asking price, some are selling below, some are selling a little above. The amount of houses available, were down 30% year over year. Now, last year was a little abnormal. There were a little bit more homes available than we’ve seen in the past, almost 10 years really. It’s been a relatively low inventory environment in the Seattle housing market, but we’re seeing a decline again, right?

Things are shrinking and the supply has shrunk as well. In September, we were at 1.8 months, then 1.6 last month, 1.4 months of supply this year, which is down slightly from the 1.5 months of supply in 2022. So again, things are just constricting. It’s normal for the holiday season and the month of November and even December to see fewer and fewer listings. In fact, December is usually like a cliff, even from November. So we’ll see how December wraps up, but I would suspect that we’ll see very few new listings in December. If you’re an active buyer, somebody looking in King County, you’re probably not going to see a lot of things coming on the market this time of year. If you are somebody that’s thinking about selling, you’re probably already doing that if you’re going to be listing in December, and if not, you’re most likely holding off into the new year.

And I don’t know, I think there are benefits to buying this time of year or selling this time of year. A lot of the benefits are maybe outweighed by waiting until January, February to get your house on the market. So a lot of the people that I’ve been talking with personally have decided after conversations to just hold off until mid-January, early February to get their house on the market. So I guess I’ll share that with you. If you’re somebody that’s listening to this, I think that’s probably going to be the sweet spot for 2024, at least as far as we can see at this point.

If you’re following along with these updates, I just want you to know that I’m extremely grateful for you, and if you’re new to these updates, I’m so glad that you found the King County Housing market update. And if you have questions about buying or selling, or even just the housing market in King County and want to connect, I’m happy to be a resource for you.

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