Weekly Market Update: November 2nd through November 8th

Welcome back to another Weekly Market Update! After taking last week off for a little vacation time, we’re back to looking at what’s happening in our local real estate market.

Here’s how the numbers shook out this past week.

This Week’s Market Activity

Trend Overview

November is underway, and the market is showing some familiar signs of the seasonal slowdown. New listings totaled 143, while 127 homes went pending. That’s a relatively narrow gap between new inventory and homes going under contract, suggesting buyers are still active even as we move deeper into fall.

Closed sales came in at 85, reflecting transactions that generally went under contract several weeks ago. Closings tend to fluctuate from week to week, so this number alone doesn’t tell us much about current buyer demand.

The number that really catches my attention this week is 192 price reductions compared to just 143 new listings.

That’s 49 more price reductions than new homes entering the market.

While price reductions don’t necessarily mean home values are falling across the board, they do tell us that some sellers are having to adjust their expectations. Buyers have choices, and homes that aren’t priced appropriately are finding it harder to compete.

With Thanksgiving approaching and the holidays right around the corner, I expect we’ll continue seeing some sellers pull back while others make adjustments to attract buyers before year end.

What This Means for Buyers

If you’ve been sitting on the sidelines waiting for a little more negotiating room, this could be an interesting time to revisit the market.

With 192 price reductions this past week, there may be opportunities to find homes where sellers are becoming more flexible. That could mean negotiating on price, asking for closing cost assistance, or working out other terms that make a purchase more attractive.

Of course, not every home is struggling. Well priced properties in desirable locations can still attract strong interest.

The key is understanding which homes have been sitting, why they’ve been sitting, and where a realistic opportunity might exist.

What This Means for Sellers

We’re getting into the time of year when preparation, presentation, and pricing become even more important.

There are still buyers looking for homes. The 127 pending sales this week are proof of that. But buyers are paying attention to value, and they’re not necessarily willing to overlook pricing that doesn’t match the property.

If you’re planning to sell before the end of the year, it’s important to understand your competition and position your home accordingly from the beginning.

And if your home is already listed without much activity, it may be time to evaluate whether the price, condition, marketing, or some combination of those factors needs attention.

The Bottom Line

The market isn’t shutting down for the holidays, but it is becoming more selective.

Buyers are still making moves, sellers are still bringing homes to market, and price reductions continue to be a significant part of the picture.

As always, the broader numbers provide useful context, but real estate is local. What’s happening with a rambler in Lynnwood may look very different from a newer home in Bothell or a waterfront property in Edmonds.

If you’re thinking about buying or selling in South Snohomish County or North King County, let’s look at what the numbers mean for your specific situation.