King County & Eastside November 2023 Housing Market Report

November housing numbers for the Eastside & King County are very mixed. For the last 3 months we have see year over year inventory decline. In November, the number of total active listings in King County decreased by 21.28% from 3,599 to 2,833 YoY. On the Eastside, inventory decreased by 29% YoY from November of 2022. Inventory decrease is expected for this time of year but not to this magnitude. The fact is that many would be move-up buyers are staying put, and those looking to downsize are staying as well. The Eastside housing market however saw a very slight increase in new listings, pending sales, and closed sales in November 2023 compared to November 2022. Median sales prices were also up over 6% year-over-year. The months of inventory remained steady at 1.57 months, indicating a balanced market between buyers and sellers. Overall the Eastside market cooled slightly in November 2023 compared to the previous year, with fewer sales but higher prices.

The cooling housing market in King County presents advantages for both buyers and sellers. Sellers benefit from less competition from other listings and still relatively low inventory levels. This provides leverage to negotiate terms favorably and lock in historically high prices, while avoiding further declines if the market cools more. Buyers stand to gain from less bidding war pressure, more room to negotiate prices and terms, reduced risk of overpaying or waiving contingencies, and more selection. While not as frenzied as a hot seller's market, the cooling conditions create a more balanced landscape with upsides for both buyers and sellers.

Pending and closed sales decreased from November 2023 in King County and increased on the Eastside. According to our King County Home Sales Report, pending sales across King County decreased 4.21% and Eastside pending sales increased 4.58%

King County closed sales were down 11.04%  and on the Eastside closed sales slightly increased by 1.35%. The median house sales price in King County is increased by 6.66% over last year to $799,925 and the median sale price on the Eastside saw an increase of 6.70% to $1,230,000

The Absorption Ratio is 1.92 in King County and 1.57 on the Eastside. A balanced market is 3-5 Months of Inventory.

For additional details, see the November 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:  $1,560,000
• Kirkland: $1,530,000
• Redmond:  $1,214,000
• 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!

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.