Weekly Market Update: October 19th through October 25th

👻 Something is stirring in the fall real estate market…

With Halloween coming up this weekend, the latest numbers across South Snohomish and North King Counties have a few tricks, a few treats, and thankfully nothing too terrifying.

This Week’s Stats

🏡 New Listings: 167 ↓ from 201 last week

📝 Pending Sales: 140 ↑ from 131 last week

🔑 Sold Homes: 108 ↑ from 89 last week

🎃 Price Reductions: 171 ↓ from 205 last week

The Market Is Getting a Little… Eerie

The biggest change this week was the sudden disappearance of new inventory.

Only 167 homes came to market, down from 201 last week. That’s a pretty significant drop and a sign that we’re moving deeper into the fall market. As Halloween approaches, some would be sellers appear to be waiting in the shadows rather than putting their homes on the market.

But here’s the twist.

Buyers aren’t disappearing with them.

Pending sales actually increased from 131 to 140, while closed sales jumped from 89 to 108. Fewer homes came to market, yet more homes found buyers.

Maybe the market isn’t quite ready to become a ghost town after all. 👻

Price reductions also dropped significantly, from 205 to 171. That’s still a lot of sellers adjusting their expectations, but considerably fewer than we saw just one week ago.

And here’s the number I’d be watching: 167 new listings versus 140 pending sales.

That’s a much tighter gap between homes entering the market and homes going under contract.

What This Means for You

🎃 Buyers

Don’t let the shrinking inventory scare you.

Fall can still be a great time to find opportunities, especially among homes that have been sitting on the market for a while. Some sellers are becoming more motivated as we approach the holidays, and buyers may find more room to negotiate than they would during the busier spring market.

Just don’t assume every listing is haunted by an unrealistic asking price.

Well priced homes in desirable locations can still attract attention quickly, especially as fewer new options become available.

👻 Sellers

There’s something encouraging hiding in this week’s numbers.

New competition fell sharply while pending sales increased. For sellers, that’s a much better combination than watching inventory pile up while buyers disappear.

But there are still 171 cautionary tales in this week’s numbers.

That’s how many sellers reduced their asking price.

Buyers continue to notice when a home is priced above where they see the value. Starting too high and chasing the market downward isn’t a strategy I’d recommend, Halloween or otherwise.

The Bottom Line

The fall market is definitely changing, but there’s no reason to be spooked.

New listings ↓
Pending sales ↑
Closed sales ↑
Price reductions ↓

As we head into November and the holiday season, we’ll likely see fewer homes coming to market. The interesting question is whether buyer activity continues to hold up as inventory shrinks.

And if you’re thinking about buying or selling?

Don’t be afraid of the market. 🎃

Just make sure you understand the one you’re actually in.

Thinking About a Move?

Whether you’re buying, selling, or simply wondering what your home might be worth, the numbers only tell part of the story. What’s happening in your neighborhood, price range, and property type can look very different from the overall market.

No crystal ball required. 🔮

I’m always happy to help you make sense of it.