King County & Eastside October 2022 Housing Monthly Stats
October shows growing inventory and the end result is that with more inventory on the market we continue to shift to a better market for buyers, while still being technically a Seller's Market. In October, the number of total active listings in King County increased by 123.10% from 1,952 to 4,355 YoY. On the Eastside, inventory increased 358.91% YoY from October of 2022. This level of inventory decrease, 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 October 2022 in King County and on the Eastside. According to our King County Home Sales Report, pending sales across King County decreased -38.86% and Eastside pending sales decreased -38.62%
King County closed sales were Down -40.42% and on the Eastside closed sales decreased -33.81%. With the increase in inventory and how pending sales are looking, more homes should be available in the Winter. The median house sales price in King County is higher by 8.13% over last year to $811,000 and the median sale price on the Eastside saw an increase of 6.57% up to $1,200,000.
The Absorption Ratio is 2.13 in King County and 1.96 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 October 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: $1,236,000
- Kirkland: $1,489,600
- Redmond: $1,012,500
- Seattle: $850,000
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.
|Homes For Sale in Bellevue, Washington|
|Homes For Sale in Issaquah, Washington|
|Homes For Sale in Kirkland, Washington|
|Homes For Sale in Seattle, Washington|
|Homes For Sale in Redmond, Washington|
|Homes For Sale in Sammamish, Washington|
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.