King County Real Estate Market Update — May 2023
If you're in the market to buy or sell a home in King County, it's important to stay up-to-date on the latest market trends. RexMont Real Estate is here to help you understand the current real estate market and how the economy, interest rates, and home inventory will affect your ability to buy or sell your King County home.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
King County New Listings
King County's housing market has seen a sharp decline in new listings for February 2023. With only 1,404 new listings compared to last year's 2,173, the market has experienced a significant drop in supply. This decrease in listings could potentially affect demand and prices in the near future as homebuyers may face more competition for fewer available homes. Understanding the current state of the housing market is crucial for both buyers and sellers to make informed decisions. Keep an eye on the market in King County as it continues to evolve in the coming months.
King County Active Listings
As we approach February 2023, the King County real estate market is showing some interesting trends in its active listings. Compared to the same time last year, there has been a notable decrease of 369 active listings, with February 2023's numbers totaling at 1,488. While this may appear alarming, it's important to keep in mind that the real estate market is constantly fluctuating and that this trend may not necessarily mean a decrease in demand for homes. Rather, it could signify a shift in the type of housing available, with more properties being bought up or taken off the market altogether.
King County Pending Listings
The King County housing market is undergoing some significant changes, and February 2023 is shaping up to be an important month for buyers and sellers alike. According to recent data, pending listings have dropped substantially from 2,611 in February 2022 down to 1,514 in February 2023. These numbers signal a shift in the market and could impact the strategies of buyers and sellers.
King County Closed Sales
As we approach the end of February 2023, the numbers are in for the closed sales market update in King County. While it's not the news that most people were hoping for, it's important to understand what these numbers mean for the local real estate market. In February 2023, there were a total of 1,111 closed sales in King County, a significant drop from the previous year's 2,072. However, it's important to note that these numbers don't necessarily reflect a decline in home values or demand, but rather a reflection of the current state of the global economy. As always, it's crucial to work with an experienced real estate agent who can help navigate the market and find the home of your dreams at the right price.
King County Average Selling Price Per Month - Residential Only
The real estate market in King County is always changing and it's interesting to see how property values fluctuate over time. Looking ahead to February 2023, it seems that the average selling price per month for residential properties in the county will be $1,022,420. That's a significant increase from the average of $961,616 in February 2022.
King County Average Selling Price Per Month - Condominiums
The King County real estate market is constantly fluctuating, with prices rising and falling from month to month. February of 2023 will see a decrease in the average selling price per month for condominiums compared to the previous year. While February 2022 boasted an average selling price of $617,724 per month for condos, February 2023 is projected to have an average selling price of $544,159. Nonetheless, this is good news for potential buyers, as it may signal a shift in the market towards more affordable housing options.
Let RexMont Real Estate Help You Stay Up-to-Date With the King County Real Estate Market
Because the real estate market is always changing, it can be challenging to keep up with the trends. Continue to check back or contact RexMont Real Estate now to remain knowledgeable about the newest real estate updates.
Previous Market Updates
Your Insider Source for King County Real Estate Market Statistics - Updated March 2023
View our historic market update from March 2023 below.
King County New Listings
King County's housing market has seen a sharp decline in new listings for February 2023. With only 1,404 new listings compared to last year's 2,173, the market has experienced a significant drop in supply. This decrease in listings could potentially affect demand and prices in the near future as homebuyers may face more competition for fewer available homes. Understanding the current state of the housing market is crucial for both buyers and sellers to make informed decisions. Keep an eye on the market in King County as it continues to evolve in the coming months.
King County Active Listings
As we approach February 2023, the King County real estate market is showing some interesting trends in its active listings. Compared to the same time last year, there has been a notable decrease of 369 active listings, with February 2023's numbers totaling at 1,488. While this may appear alarming, it's important to keep in mind that the real estate market is constantly fluctuating and that this trend may not necessarily mean a decrease in demand for homes. Rather, it could signify a shift in the type of housing available, with more properties being bought up or taken off the market altogether.
King County Pending Listings
The King County housing market is undergoing some significant changes, and February 2023 is shaping up to be an important month for buyers and sellers alike. According to recent data, pending listings have dropped substantially from 2,611 in February 2022 down to 1,514 in February 2023. These numbers signal a shift in the market and could impact the strategies of buyers and sellers.
King County Closed Sales
As we approach the end of February 2023, the numbers are in for the closed sales market update in King County. While it's not the news that most people were hoping for, it's important to understand what these numbers mean for the local real estate market. In February 2023, there were a total of 1,111 closed sales in King County, a significant drop from the previous year's 2,072. However, it's important to note that these numbers don't necessarily reflect a decline in home values or demand, but rather a reflection of the current state of the global economy. As always, it's crucial to work with an experienced real estate agent who can help navigate the market and find the home of your dreams at the right price.
King County Average Selling Price Per Month - Residential Only
The real estate market in King County is always changing and it's interesting to see how property values fluctuate over time. Looking ahead to February 2023, it seems that the average selling price per month for residential properties in the county will be $1,022,420. That's a significant increase from the average of $961,616 in February 2022.
King County Average Selling Price Per Month - Condominiums
The King County real estate market is constantly fluctuating, with prices rising and falling from month to month. February of 2023 will see a decrease in the average selling price per month for condominiums compared to the previous year. While February 2022 boasted an average selling price of $617,724 per month for condos, February 2023 is projected to have an average selling price of $544,159. Nonetheless, this is good news for potential buyers, as it may signal a shift in the market towards more affordable housing options.
Your Insider Source for King County Real Estate Market Statistics - Updated February 2023
View our historic market update from February 2023 below.
King County New Listings
Compared to the beginning of the year, the number of new monthly listings in King County was significantly lower as the year ended. Because buyer affordability is impacted by mortgage rates, we had a lower number of listings than we started in January 2022.
King County Active Listings
King County started the year with historically low inventory but increased until July 2022, when it reached its highest point. Since July, active listings have gradually fallen until the end of the year, when 2022 had the most active listings of any December illustrated on the graph.
King County Pending Listings
Typically, we see the largest number of pending listings in May or June, with the remainder of the year gradually decreasing until the new year. However, this year's summer witnessed some of the lowest pending sales, with substantial rises only beginning in August. However, after September, pending listings went down, leaving us with 1,236 pending listings at the end of the year.
King County Closed Sales
King County’s monthly sales peaked in May this year, which is fairly early, as summer is typically the most popular season for buying and selling. Throughout the rest of the year, sales fell (with the exception of a small increase in August), reaching a total of 1,548 sales in December.
King County Average Selling Price - Residential Only
Like the number of total monthly sales, selling prices for single-family homes peaked early in the year and saw a sizeable increase in Autumn. Since then, average home prices have continued to fall throughout the end of the year into December, where they finished at just over $900,000. While this is lower than average prices from the beginning of the year, it’s still higher than December from both 2019 and 2020.
King County Average Selling Price - Condominiums
In December, the average sales price for condos and multi-family homes was $563,520, down just slightly from $568,957 in November. While this is the lowest price for 2022, it’s still well above December sales prices in 2019 and 2020 and just $1,326 less than in 2021.
Your Insider Source for King County Real Estate Market Statistics - Updated January 2023
View our historic market update from January 2023 below.
King County Homes Listed 
Compared to the beginning of the year, the number of new monthly listings in King County was significantly lower as the year ended. Because buyer affordability is impacted by mortgage rates, we had a lower number of listings than we started in January 2022.
King County Active Listings
King County started the year with historically low inventory but increased until July 2022, when it reached its highest point. Since July, active listings have gradually fallen until the end of the year, when 2022 had the most active listings of any December illustrated on the graph.
King County Homes Pending Monthly
Typically, we see the largest number of pending listings in May or June, with the remainder of the year gradually decreasing until the new year. However, this year's summer witnessed some of the lowest pending sales, with substantial rises only beginning in August. However, after September, pending listings went down, leaving us with 1,236 pending listings at the end of the year.
King County Homes Sold Monthly
King County’s monthly sales peaked in May this year, which is fairly early, as summer is typically the most popular season for buying and selling. Throughout the rest of the year, sales fell (with the exception of a small increase in August), reaching a total of 1,548 sales in December.
King County Average Selling Price Per Month - Single-Family Homes
Like the number of total monthly sales, selling prices for single-family homes peaked early in the year and saw a sizeable increase in Autumn. Since then, average home prices have continued to fall throughout the end of the year into December, where they finished at just over $900,000. While this is lower than average prices from the beginning of the year, it’s still higher than December from both 2019 and 2020.
King County Average Selling Price Per Month - Condos & Townhomes
In December, the average sales price for condos and multi-family homes was $563,520, down just slightly from $568,957 in November. While this is the lowest price for 2022, it’s still well above December sales prices in 2019 and 2020 and just $1,326 less than in 2021.
Your Insider Source for King County Real Estate Market Statistics - Updated December 2022
View our historic market update from December 2022 below.
New Listings Monthly in King County
November 2022 saw a continued reduction in new listings in King County, as we expected. As the year goes on, it isn’t common to see upswings in new listings, and this year is completely in-line with previous years.
Active Listings Monthly in King County
Like with new listings, it’s common for active listings to taper off as the year approaches its conclusion. However, the past few months of 2022 have seen a steady number of active listings. Since October, the number has only decreased by around 180.
Pending Listings Monthly in King County
After reaching an unusually late yearly high in September, both October and November saw decreases. Pending listings are currently lower than they have been compared to recent years, which isn’t surprising given rising interest rates.
Sales Monthly in King County
It’s clear that rising interest rates are also affecting sales. King County sales peaked back in May, which is earlier than usual. Since then, sales have been declining steadily, with only one small increase in August. December is likely to follow suit.
Average Sales Price in King County (Single-Family Homes)
Since September, King County home prices have been falling significantly. Just since last month, the average has gone down nearly $160,000, sitting below $1 million for the first time since February. However, November’s average is still higher than prices in January of this year.
Average Sales Price in King County (Condo & Multi)
While single-family homes saw a significant decrease, condos and multi-family homes saw a slight rise in November. The price increased by more than $60,000. Years past have shown condo and multi-family home prices increasing in December, but it’s too early to say if that will also apply to 2022.
Your Insider Source for King County Real Estate Market Statistics - Updated November 2022
View our previous market update for the month of November 2022 below.
King County Homes Listed Monthly
2022 has shown an easy climb up to a peak in June and a gentle fall through the rest of the year, which is a common pattern. While October did have fewer new listings than any of the previous years shown this is likely due in part to rising interest rates.
King County Active Listings
After a gradual climb during the summer months, the number of active listings in King County has been on a slow decline through autumn. October’s active listings count is higher than both October 2021, and only just slightly below October 2020. However, we can expect this decline to continue through the winter months as the market cools off.
King County Homes Pending Monthly
After having the most pending listings of the entire year in September, that number has declined in October, going from 3,683 down to 2,082. It’s normal to see a decline in the autumn months because of the cooling market, but the severity of this difference is likely due in part to rising interest rates.
King County Homes Sold Monthly
While sales in King County increased somewhat between July and August, September and October continued the trend of declining house sales that has been in place since sales peaked in May. Both 2019 and 2020 saw October sales increase, but this isn’t so for 2022, making it more in line with 2021.
King County Average Selling Price Per Month - Single-Family Homes
After a surprise jump in average sales prices for September, October has fallen and is now just slightly above the statistics for August. Despite this drop in sales prices, October 2022 is still significantly higher than any October in recent years, and 2022 overall has been an incredibly robust year for single-family house prices year over year.
King County Average Selling Price Per Month - Condo & Multi-Family Homes
While single-family home sales saw a drop after a successful September, condos and multi-family homes saw a jump back up after a low point in September. October multi-family home prices increased around 50%, going from an average price of $1,066,316 up to $1,576,600. This also puts October 2022 as the highest October in recent years.
Your Insider Source for King County Real Estate Market Statistics - Updated October 2022
With another month coming to a close, it's time to go over the newest patterns and trends in the King County real estate market. We're going to discuss what that means for buyers and sellers, so read more to learn about the real estate market in September 2022.
King County Homes Listed Monthly
King County saw a peak in new listings back in June, and since then, numbers have been declining, with September being no exception. However, there has only been a slight difference between August and September, with the former having 3,945 new listings and September having 3,881.
Over the past few years, it's been common to see either a small increase or decrease like this between August and September, so this is nothing out of the ordinary. As we continue through October to the rest of the year, we'll watch this number fall, as winter is always the least popular season for buying and selling.
King County Active Listings
In an average year, it's common to see the number of active listings peak somewhere between May and July. For 2022, King County saw its active listings reach their height in July, and numbers have been tapering off since. September had 5,420 active listings, down from 5,868 in August. While this is a larger difference than what we've seen in recent years, it's still in line with what we expect at this point in the year as we approach winter.
King County Homes Pending Monthly
While active listings may have been down in September, pending listings were way up with a total of 3,683 listings. This is an increase of more than 600 listings compared to August. In fact, since 2019, 2022 has been the only September to have an increase between the two months, and it's been a dramatic increase, at that.
Typically, we see the highest number of pending listings in May or June, and the rest of the year is spent slowly reducing until the new year. However, this year, we saw the summer have some of the lowest numbers of pending sales and large increases starting in August. This could bode well for the remainder of 2022 in terms of sales, but only time will tell.
King County Homes Sold Monthly
While King County saw a slight boost in sales in August, September is continuing the pattern of reduced home sales that has been occurring since sales hit their peak in May of this year. September saw 2,348 home sales throughout the month, more than 300 fewer than August. However, it's completely normal to see sales start to taper off as we come toward the end of the year. In the past few years, we've seen a slight boost in sales in October, but it's still a bit too early to say for sure if 2022 will follow suit.
King County Average Selling Price Per Month - Single-Family Home
After four months of decreasing sales prices, September finally marked a turning point in the single-family home market. The average sales price for single-family homes was $1,103,432, roughly a 10% increase from August, which had an average sales price of $1,004,096. The last time average sales prices were this high was in May of this year, and if the market continues in this manner, 2022 could end with the highest prices of the year. Year over year, 2022 has been an extremely strong year for single-family home prices, even despite the lull from the past few months.
King County Average Selling Price Per Month - Condo & Multi-Family Homes
While single-family homes jumped back from a four-month lull, sales prices for condos and other multi-family homes are back up after a two-month lull. The average sales price in September was $771,621, a massive increase from $633,249 in August. That's a month-to-month increase of nearly $140,000, and compared to August 2021, there has been an increase of more than $150,000.
September 2022 King County Real Estate Market Update
Today, we'll be going over the King County real estate market this September, including average sale prices and inventory. So, whether you're just starting to consider buying or selling a home, or are already in the process, be sure to read on for insights that will help you make informed decisions.
King County Homes Listed Monthly
As illustrated, the number of homes listed in King County this year began lower at January.
It reached its highest as of now on June, but we can see that it went down on July-August. Homes that do get listed haven’t remained on the market for long with anxious buyers jumping on listings as soon as they hit the market. As buyer affordability is impacted by mortgage rates, we may see listings linger a little longer on the market as the year progresses.
King County Active Listings
The graph illustrates monthly active inventory in 2022. It has shown historically low inventory but has started going up until July 2022 and is expected to continue in this direction as the year progresses. But it went down again this August.
King County Homes Pending Monthly
So far in 2022, we can see that there's a constant increase in homes in pending for the first three months. King County had significant decrease on June-July, but gradually increased this August.
King County Homes Sold Monthly
The graph illustrates the number of homes sold per month. At the beginning of the year, sales numbers in King County were trending similarly from January up to May. However, they have started to trend downwards on June and are expected to continue in that direction as increased mortgage rates will continue to impact buyer affordabilty. But it went up a hundred this August.
King County Average Selling Price Per Month - Single Family Home
The graph shows that King County is trending upwards and reached the highest sales price on April 2022. However, sales price started going down on May until the recent month which is August.
This chart depicts prices from January 2022 to August 2022
King County Average Selling Price Per Month - Condos & Multi
Looking at the graphs, we can see that King County started going down on the second month, but went up on March and down again on April. It constantly went up again on May until June. However, it started going down again on July, then went up again recently on August.
This chart depicts prices from January 2022 to August 2022
King County Mid-Year Market Update
This RexMont Mid-Year Housing Report presents overall home sale statistics as of the first six months of 2022 compared to the same period last year, January 1st to June 30th, 2021. Highlighted in this report are the average sale prices, homes listed for sale, placed under contract and total of homes sold.
Sales Decrease by 14.47%
Our home sales for single families, condos and multi-families went down by 2, 989 transactions. From 20, 651 in the first half of 2021, it's now 17,662 in the first half of 2022.
The increases we observed last year were the result of the industry catching up in the post-pandemic market. Major changes in mortgages, including the latest rate hike, as well as the requirements for second homes, have impacted demand.
With the exception of January, single-family sales in 2022 were down every month in the first half of this year compared to last. This is most probable because single-family home sales skyrocketed last year as purchasers scrambled to get their own space during the outbreak.
Prices Increase 11.4%
Prices increased in all the categories in the first half of 2022 over the same time period in 2021. The average price for all three categories is up by $142,851 so far this year. Last year, the average sales price is at $895,646, while we're at $1,038, 497 right now.
As soon as the market recovered from the COVID shutdowns in March 2020, shrinking inventories and artificially low rates drove prices back to historic highs. Mortgage rates have risen in recent months, causing the market to chill, but they have yet to decrease.The rate of rise is moderating, but we are still seeing big improvements in the first half of the year due to accepted bids before to the massive surge in mortgage rates.
Prices have consistently increased over the last four years, as seen in the figure below, with this year displaying some of the greatest gains. Prices are not projected to decline as the year proceeds, although the rate of increase may continue to slow.
King County Homes Listed for Sale
There were 25,821 new active listings in the first half of 2022 compared to 26,655 last year, which means the numbers decreased by 3.13%
A decline in new listings indicates that sellers are beginning to worry about losing their current, cheaper mortgage when they sell their house and acquire a new one, maybe at twice the rate.
When the market experiences a shift, such as a rate increase, it is common to see a temporary pullback, but real estate is a need-based market. If one has to move, one must move, and therefore the rate rise will begin to appear regular, and the market will continue to function. If they need to relocate, people will list.
Because new listings are a predictor of future pending sales, we may expect decreased pending sales throughout the fall.
King County Pending Homes
The number of homes placed under contract declined this year by 5.83%. This year we have 17,748 pending sales over 18,846 last year.
Consumers had become pampered by record low rates in recent years, and seeing them rise produced sticker shock, which grounded pendings. Some purchasers submitted bids while interest rates were lower, and by the time the offer was approved, affordability had decreased due to the rise in interest rates. These rates, which are now in the high fives/low sixes, are historically not that high and will appear comparatively modest if they continue to rise over the following year.
Pending sales have been astronomical in recent years due to the frenetic market, historically low interest rates, and more buyers than ever bidding for houses. This atmosphere basically devoured every listing as soon as it hit the market, and pending sales were high. Pending sales are a leading predictor of future closed sales, and with pendings down, we are expected to see a drop in sales throughout the fall, which will be excellent for purchasers as choices increases and competition decreases.
King County Predictions for the Rest of the Year
The market is beginning to level out in front of our eyes. Change is painful, but it is necessary. If the market remained on its current course, sales would be so strong that inventories would be cannibalized, prices would continue to grow at their current rate, and we'd have a whole new problem on our hands. However, rates will climb for the remainder of the year, and sales will struggle to stay up. Prices will not plummet, but they will level out this autumn and will not rise. This is what it takes for the sellers' market to give way to purchasers regaining some power. This will make the lives of individuals who are selling and purchasing at the same time considerably easier.
How King County Home Buyers Can Get Ahead
Buyers have had to battle hard in recent years to acquire what they want, and now that inventory is growing slightly, they must cope with borrowing rates. As we've noted in previous years, there is a cost to waiting, and the more you wait, the more expensive it will be to buy a home. Rates will either continue to rise, prices will rise, or competition will spark bidding wars. Buyers have been experiencing sticker shock recently, but the same property will potentially cost more two months from now than it would today, and with interest rates expected to rise, it may be out of reach in the future. Buyers should also keep in mind that there are more financing choices available than a 30-year fixed loan. ARMs are becoming increasingly popular and may be worth considering as a financing option, particularly for people who expect to stay in their house for fewer than 5 to 7 years.
Buyers should also keep in mind that there are more financing choices available than a 30-year fixed loan. ARMs are becoming increasingly popular and may be worth considering as a financing option, particularly for people who expect to stay in their house for fewer than 5 to 7 years. Higher mortgage rates mean that purchasers can't afford as much as they could even three months ago, and there are likely to be more properties on the market locally, which means buyers have more options and don't have to outbid one another.
How King County Home Sellers Can Get Ahead
List your property at a fair price, and depending on how many other similar properties are on the market at the same time, you may still spark a bidding war. If you advertise a house for a 'reach' price and there hasn't been much interest from buyers, it's time to lower the price. Market value does not make your property any less wonderful, but it does mean the difference between the home selling sooner and for more money, or waiting and finally being snatched up by someone for less than you hoped for.
Rest assured, the market will not fall, and mortgage rates will not rise unless there is an unexpected worldwide calamity. This evolving market is moving toward a better balance of buyers and sellers. Sellers will finally have to come down from the pedestal and price to attract the proper buyer, and buyers will finally have a bit more choice, even if rates remain a hurdle to go through.
Let RexMont Real Estate Help You Navigate a Shifting Real Estate Market
The King County real estate market is active, with homes moving on a monthly basis. If you are looking to buy a home in this area, RexMont Real Estate can help. We have experienced agents who will work hard to find the perfect property for you. Contact us today to get started!
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
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