King County & Eastside February 2023 Housing Monthly Stats

February shows slightly less inventory  since last month but a substantial increase since last year. With more inventory on the market overall we continue to shift to a better market for buyers, while still being technically in a Seller's Market.  In February, the number of total active listings in King County increased by 111.04% from 978 to 2,901 YoY. On the Eastside, inventory increased 184.62% YoY from February of 2022. This level of inventory increase, while isn't typically normal for this time of year, is expected with the low inventory we witnessed last year.

Pending and closed sales decreased from February 2023 in King County and increased on the Eastside. According to our King County Home Sales Report, pending sales across King County decreased 24.52% and Eastside pending sales increased 27.45%

King County closed sales were Down 18.92%  and on the Eastside closed sales decreased 9.11%. With the increase in inventory and how pending sales are looking, more homes should be available as we finish out the winter. The median house sales price in King County is lower by 4.35% over last year to $726,700 and the median sale price on the Eastside saw an decrease of 9.40% down to $1,050,000

The Absorption Ratio is 1.43 in King County and 1.43 on the Eastside. A balanced market is 4-5 Months of Inventory. There are serious buyers in the market right now, good homes priced well will sell quickly.

For additional details, see the February raw numbers from the Northwest Multiple Listing Service.

The pace of the Market - Market Action Index

Buyers a facing a very volatile interest rate market and you can see the market activity has seriously declined.

Median Price for Key King County Cities

• Bellevue: $1,050,000
• Kirkland: $777,500
• Redmond: $1,125,000
• Seattle: $750,000

Also, be sure to check out the national real estate trends at Realtor.com. If you compare the national picture against this month's home sales report, you will see that King County and the Eastside are top performers!

What does this mean for home sellers?

The market has slowed quite a bit,  inventory increase creates options for buyers. With more options, buyers can be pickier. Homes selling with multiple offers and contingencies are very rare. If you intend to sell your home, let's talk about timing how we are focused on helping sellers create the right type of listing that can sell against the competition.  If you're considering a sale, please click here for a complimentary market analysis of your home.

What does this mean for homebuyers?

With interest rates and the economy slowing, serious buyers have a tremendous opportunity in this market to find a great home. Many sellers are offering buyers concessions in addition to lower prices. A seller concession can be used by a buyer to temporarily or permanently buy down a buyer's interest rate.  Buyers should be careful with the lender they choose, as it does make a difference in the quality of the buyers experience.

Home Sales in King County

Below are links to homes available for the King County communities of Bellevue, Issaquah, Kirkland, Seattle, Redmond, and Sammamish.  Just click on the link to your neighborhood for the complete breakdown of today's numbers.

I hope you find this home sales report useful. Please share it with your friends. To find out how much your home is worth in today’s market, please click here for a complimentary market analysis of your home. And if you are interested in selling your home for top dollar, in the shortest amount of time, please contact me anytime at 425-200-4093, or click here to send me an e-mail requesting further information.