Seattle Real Estate Market Watch – 8/9/2022

Hey Y’all, Zach McDonald, your real estate agent with Real Property Associates and this is our second Seattle Market watch and we’re gonna continue with this trend. Again, I’d love some feedback on these, whether you like ’em, whether you don’t like ’em, thumbs us up, all that kind of good stuff. So if you like these, please let me know. But the intention here is just a quick snapshot on the Seattle area housing market. So we’re gonna be looking at King and the Hamish County. This is as of eight, nine and new listings, 795 new listings. We saw some houses come back on the market again, a lot of those were probably canceled listings that weren’t really canceled that were then put back on maybe some houses that had some repairs done, come back on the market, be a little bit more desirable. but the big thing I’m seeing here is this list price reduced.

I’m seeing 738 drops in price, right? And it’s almost the same as the new listings list. Price increases, 25. Always find that one interesting. how we’re increasing the price on a house in this market, but it does happen. contingent sales 44 in the last week for King of Salish County guys, contingent sales are back. I think there’s opportunity there. So if you’re thinking about moving up or down and you need to sell before you buy, but you wanna know what you’re buying and where you’re going, that’s what the contingent offer is for. listings expired 63. some of those are probably some of those back on the markets. In fact, a lot of them probably are. but some houses didn’t sell. That’s what that means. There’s a lot less expired when the market’s hot for sure. Pending sales, this is big, a thousand pending sales, a thousand pending sales, and 795 new listings.

So this is the third week in a row, the second of these market watches where we’re seeing King and Salish County together more pending sales than new listings, which means we’re gonna start to see that balance of inventory shifting or at least stabilizing, which we’ve noticed here over the past few weeks. Listings sold 592, not surprised to see that number be smaller. And a lot of that has to do with the fact that last month we were seeing a lot less on the pending sales. We were seeing 500, 400, 600 right for the date, the weekly totals. So I’m not surprised to see that number, but I do expect with a thousand pending sales in three, four weeks, we’re gonna be seeing larger listings sold numbers, right? and then the listings canceled 192 fairly you know, fairly normal. And this kind of shifting market, again, a lot of these are canceled strategically to then re-list in the mls kind of an old school marketing thing, I’ve mentioned that before. So a lot of these aren’t canceled for good, they’re just canceled to then put right back on and be re-listed back on the market. So that’s our market watch snapshot for the week. I think the big observation here is that we’re seeing more pending sales than we are in new listings, but at the same time we’re seeing a lot of list price reduced. So I think sellers are finally coming down and accepting what buyers are willing to pay, getting their houses into that area where buyers are like, yeah, I’ll pay that price right now. Right? And I think buyers are also starting to be a little bit more confident, Hey, prices have come down. I’m not competing on being able to purchase what I want. And I think that’s kind of a good balanced place to be in the housing market. I think previously we had buyers that were super afraid that they were gonna miss out, right? And that’s why we’re seeing everything selling and everything selling for more.

But I think at this point buyers have shifted to, oh my gosh, what happens if I buy a house? Am I gonna be screwed? Which then, Hey, woo, let’s hold off, right? So then we see if fewer pending sales and we see the list prices start to go down. But now that the list prices are coming down, I think buyers are having a little bit more confidence again, especially as interest rates are stabilizing a little bit. So I would say this is a positive market watch for the second week in a row here and really third week as I’ve started to incorporate these into videos. I think that this shows that yeah, in the future we’re gonna have some different numbers on these market updates. So do I think prices are gonna start stabilizing a little bit? I think this does start to hint at that.

But again, so many list price reduced here. I think until we start to see that number drop, that’s when we’ll be able to start to say, okay, okay, yeah, I think we might be stabilizing on the prices. So I think we’ll expect to see those median sales price numbers and average sales price numbers continue to drop here as we’re seeing these list prices drop. But once we see that number start to tail out, that’s when I think we’ll be able to say, okay, I think we’re kind of finding our spot.

Thanks so much for watching this brief Seattle Real Estate Market Watch video. Again, if you loved it, please give it a thumbs up. I did notice quite a few people watched this last week, which is awesome. I just want to see that this is beneficial for people. If I’m gonna continue to make these on a weekly basis. If you wanna talk about your situation buying or selling somewhere in the Seattle area, king Snohomish County, I’d love to be a resource for you.