As we head into fall, the market continues to shift in favor of buyers. August brought a more noticeable slowdown than we typically see this time of year, with prices declining across most of our local markets, inventory remaining elevated, and homes taking longer to sell. Buyers have more choices and, in many cases, more negotiating power than they’ve had in quite some time.
In King County, the median residential sales price fell to $920,000, down 7% from a year ago and 8% from July. Inventory is now 33% higher than this time last year, while only 16% of homes sold above asking price. Just 65% sold within 30 days, compared with 75% in July.
Seattle followed a similar pattern, with a median sales price of $920,000, down 8% both month-over-month and year-over-year. Inventory increased 27% from last year, while pending sales dropped 14%. One statistic that really stands out to me: 41% of Seattle homes needed a price reduction before selling, up significantly from 28% in July. That’s a pretty clear indication of how quickly buyers are responding when a home is priced above the current market.
On the Eastside, the median sales price dropped to $1,445,721, down 6% year-over-year and 8% from July. Inventory remains high—up a substantial 46% from last year—and nearly half of all homes that sold required a price reduction. Only 11% sold above asking price. There was one encouraging sign: pending sales increased 4% year-over-year, which could translate into stronger closing numbers as we move into fall.
Snohomish County continues to be a little more resilient. The median sales price was $769,000, down just 3% from last year and actually up 2% from July. Inventory increased 36%, but at 2.9 months of supply, Snohomish remains the tightest of our four major markets.
From my perspective, this continues to be a challenging market for sellers, but one with some really good opportunities for savvy buyers. Buyers have choices and they know it, which means condition, presentation and—most importantly—pricing really matter right now. The homes that are positioned correctly from the beginning are still selling, while those that test the market are much more likely to sit and ultimately require a price reduction.
For buyers who have been sitting on the fence, this fall could present some unique opportunities. Higher inventory, fewer bidding wars and motivated sellers can create negotiating leverage that simply hasn’t existed in our market for much of the past several years. Mortgage rates remain a factor, but for the right property, there may be more room to negotiate on price and terms to help offset some of that cost.
As always, real estate is incredibly local— the story can change dramatically from one neighborhood or price point to the next. If you’re curious about what these changes mean for your home or a move you’re considering, I’m always happy to take a closer look.
