Weekly Market Update: October 12th through October 18th

The fall slowdown is becoming a little easier to see.

New inventory across South Snohomish and North King Counties remained almost perfectly steady this week, but buyer activity took a noticeable step back. Pending sales dropped sharply, closed sales also declined, and price reductions remained a significant part of the market.

Here’s how the numbers compare with last week:

This Week’s Stats

🏡 New Listings: 201 ↑ from 198

📝 Pending Sales: 131 ↓ from 162

🔑 Sold Homes: 89 ↓ from 98

💰 Price Reductions: 205 ↓ from 228

Trend Overview

The biggest number this week is pending sales.

Only 131 homes went pending, down from 162 last week. That’s a drop of roughly 19% in just one week and the lowest pending total we’ve seen in several weeks.

At the same time, 201 new listings came onto the market. That’s almost identical to last week’s 198, which means sellers are continuing to bring homes to market even as buyer activity slows.

Closed sales also slipped from 98 to 89. Some week to week movement in closings is normal, but combined with the decline in pending sales, it reinforces what we typically begin seeing as we move deeper into fall.

Price reductions fell from 228 to 205, but there’s an important detail here: there were still more price reductions than new listings this week.

That tells us pricing remains extremely important. Buyers have choices, and homes that miss the mark on price or presentation are having to adjust.

What This Means for You

Buyers

This market may be creating some opportunities.

With fewer homes going pending, buyers may encounter less competition than they would during the busier spring and summer months. That can mean more time to evaluate a home, stronger negotiating opportunities, and potentially more flexibility from sellers.

It doesn’t mean every seller is ready to negotiate, especially on a well priced home in a desirable location. But with 205 price reductions this week, there are clearly sellers adjusting to what buyers are willing to pay.

Sellers

The gap between new listings and pending sales is something to pay attention to.

There were 201 new listings this week but only 131 pending sales. Buyers are still out there, but they’re being selective.

This is not the time to test the market with an aggressive price and hope buyers come around. The first couple of weeks on the market remain incredibly important. Good preparation, strong presentation, and pricing based on current competition can make a major difference.

Fall buyers tend to be serious buyers. The goal is making sure your home is one of the properties that gets their attention.

Thinking About a Move?

Real estate is always local, and the numbers can look very different from Lynnwood to Edmonds, Shoreline, Bothell, Everett, or even from one neighborhood to another.

If you’re thinking about buying or selling in South Snohomish or North King County, I’m happy to take a closer look at what’s happening specifically in your neighborhood and price range.