Inventory Trends: The months' supply of inventory remains at 1.1 months. Last week, King County saw 462 new listings, while 402 properties went under contract.
Closed Properties Analysis (0-30 days): The median time on the market continues to be remarkably low at just 5 days. Notably, 56% of listings sold over the asking price, with 33% achieving at least 5% above. Impressively, 16% of sellers received offers at least 10% over asking price, and 8% saw offers 15% or more above. These numbers peaked the 3rd week of April and have been coming down gradually. This data is representative of negotiations that took place 30-45 days ago and is reflective of the softening I have been witnessing in the field.
Market Activity Insights: Although the market continues to show slight signs of cooling, it remains fairly active. Between May 26th and June 1st, 50% of sellers who listed during this period secured contracts within the first week. Furthermore, 58% were under contract within the first 14 days for homes listed between May 12th and May 25th. Additionally, last week 56% of sellers set Offer Review Dates, reflecting their confidence in attracting multiple offers.
Conclusion: Despite a robust sellers' market, King County is feeling the impact of fluctuating interest rates and increasing inventory. We are witnessing a gradual shift towards a more moderate sellers’ market. Similar trends across Western Washington suggest a move towards a more buyer-friendly market.
How do I choose the right buyer? No What is the biggest challenge facing the real estate industry? What is the most challenging part of real estate? How is real estate in WA in 2024? What are the recent statistics? What does Stats by Kat say about King County real estate? What is the biggest threat to real estate? how to find a real estate agent first-time home buyer? How to pick a real estate agent for selling? How to pick a real estate agent for buying? What to look for in a realtor when buying? How to find the best realtor in your area? In order to hire a real estate agent to work on your behalf? How to sell a home in seattle? How to buy a home in Seattle? Compelling offers, bully offers, paying over list price, home prices going up, seattle appreciation, how much does market time cost sellers, market time costs money
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