What’s happening in the Seattle Real Estate Market- Spring 2023?

By now you’ve read or heard on the news the average price for a single family home has dipped in King County to $840,000 from $930,000 a year ago.

Great news, or so it would seem for potential buyers but what’s the real story. We looked at the number of single family residential units, excluding condos, sold in King County in the first quarter of 2023.

Overall the number of sales are down by 27.47% in all price bands, a decrease fueled by continuing low inventory, higher interest rates and buyer hesitancy.

The City of Seattle alone has seen a 49% decrease in its total number of sales. Even so there is still competition for properly priced, well-located homes that are move in ready.

What will the Spring bring?

We hope in addition to better weather we’ll see an even more active market. Currently there are only 1,677 active listings for sale in King County. Since April 1st 412 homes have been reported as pending, 130 pending inspection, 15 reported as contingent sales and 308 closed sales. The most active price band is the under $1M category followed by the $1M to $1.5.

Pretty brisk for ten days that included Spring Break and holidays for many people.

Stay tuned and I will keep you updated. In the meantime if you would like more specific information or are thinking about selling or buying, my team would love to answer questions.