Seattle Real Estate Market Watch – 9/7/2022

Hey Y’all, Zach McDonald, your real estate agent with Real Property Associates. And this is our Seattle Real Estate Market Watch for September 6th, 2022. All right, so we missed last week’s market watch, to be honest, I filmed one, but we’re mixing up the, uh, video process for us and we’re trying some different things, if that makes sense. So we didn’t get the video back in time and instead of posting a video that’s late, I’m just not posting it at all. We’re skipping last week’s market watch, but we’re back at it again here this week. And this one will accompany or be accompanied by the Seattle Real Estate market update. So again, in these videos, you’re just a little quick snapshots each week of the housing market in the Seattle area, looking at the King County and Snohomish County Stats. But then on the monthly basis, we really dive a little bit deeper into the numbers and what everything means for buyers in sellers in the Seattle area.

Let’s jump right into the data here. And as we get started, I want to just add a few stats because I’ve been sharing that there have been more sales recently. We’ve seen prices coming down, we’ve seen price adjustments, things like that, but more pendings than we’ve seen new listings. And what we’re seeing here is we kind of wrap up the month, and again, we’re looking back at stats from the end of August. So very fresh. We had a median sales price in Seattle increase of 5.1%. So from year to year. So last August to this August 5.1% jump in median sales price, king County, 5.3% jump. And in Snohomish County, 7% jump year over year in median sales price. Um, I’ve talked about the percent of the original asking price. We’ve been talking about price reduction. So I think this is an important stat here as well.

In King County, we had 96.6% of the original asking price last month. And in Snohomish County, 95.8% of the original asking price. So that’s where those price drops are being reflected. Again, not a massive drop, right? But that’s a, that’s a good amount. Three to three to 5% essentially. And in Seattle, 98.2. So in Seattle, proper house is selling below the original asking price on average. Now, that’s a big difference from a year ago where we’re seeing house is selling five, 6% over asking price and in some cases even more. And I think when we’re looking at the data here, we’re trying to see, well, what are the trends in the moment, right? This is a little bit more of a quick hit, but then on the monthly basis we kinda look back and see, okay, how did this all shake out as far as sales prices and things like that. Now, if we look at the data from last week now, we had the holiday Labor Day holiday in there. And by the way, I hope you had a great Labor day. I come to a mountain to celebrate with a couple of my kids, which is pretty fun. Vesper Peak. Um, if you haven’t done that one

And you’re in the area, definitely worth the effort, but it’s a tough one. Um, new listings though, down 10% year over year. And if we’re looking at new listings here on the market, watch 486. Now, I mentioned that we’re probably going to have fewer listings here coming into the holiday and coming out of the holiday. So my guess is here, as we head into the rest of September, we’re gonna see more of those listings. A lot of people do decide to hold off on putting listings on the market right around a major holiday. Just a little tip. Um, I think we had more houses go pending again, right? 812 pendings versus 486 new listings. So again, that’s a huge difference in the King and Snohomish County data, right? So these are the sales in King ands, hoish County, considerably larger amounts, right? And part of that’s skewed by the holiday, but it’s, it’s a real deal.

What it’s doing is it’s decreasing the amount of supply on the market and what we’ve been seeing over the past month plus is it more houses are selling than are coming on the market. So we just increased that, um, so to speak. Another trend that’s continuing are the contingent sales. So we’ve had another week where we had 34 contingent sales in the King and Snohomish County area. So I think, again, it’s still possibilities for contingent purchases, and that’s a big benefit in this shifting market for buyers. So again, take advantage of that if you can. Somebody who maybe needs to sell before they buy. And I would say as we’re kind of wrapping this video up, you’re definitely going to wanna check out the Seattle Real Estate market update for the month. So if you’re not paying attention to those yet, please pay attention to those.

And we will dive a lot more into the stats and what that means. And we look at interest rates, we look at trends. And in these videos, again, it’s just a quick hit on what’s going on for the week, but we really get to see all that played out in the monthly data. So this is our attempt to look forward, um, and then those monthly stats are our ability to look back and then make that leap for the coming month. So I hope these videos are valuable for you. If you’re enjoying them, please drop a comment, give a thumbs up. If you want to see more videos like this one, please consider subscribing to the channel. And as always, if there’s any way I can bring value to your own real estate situation, I’d love to be a resource for you.