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King
County Market Summary – June 20, 2025 Stats by
Kat Inventory: The King County housing market continues to
hum along with steady energy, though signs of shifting momentum are beginning
to show. Last week, 468 new listings came on the market while 403 homes went
under contract. Inventory now sits at 1.6 months, still leaning
seller-friendly, but offering more breathing room for buyers than we've seen
recent months. How Fast are Homes Selling? For
sellers, the pace has been slowing somewhat. However, homes that are priced
well and presented properly are still moving quickly, with 36% of listings that
hit the market in early June going under contract in just seven days. That
number climbs to 42% when we expand the window to 14 days for homes listed between
mid and late May. The median days on market for recently sold homes is just 6,
reinforcing the power of a strong launch. But the average sits at 16, signaling
that overpriced or under-prepared listings are beginning to linger. Current Contract Terms: Buyer behavior reflects a slightly more
cautious but still competitive landscape. Of the sales negotiated between June
11th and 17th, 27% of sellers received multiple offers. Many buyers are
including key contingencies in their offers, 34% of contracts included an
inspection contingency (this number remains low because it has become much more
customary in our area for sellers to provide an Inspection Report to buyers)
and 69% included a financing addendum. Buyers are being a lot more selective,
taking their time to make decisions and are being far less reckless. Home Sales Data for Previous 30 Days: When it comes to pricing, the results speak
volumes. Forty-one percent of homes sold above asking price over the past 30
days. Eighteen percent sold for 5% or more above list, 9% topped 10% over, and
a small but noteworthy 2% closed for 20% or more above asking. That said, 35%
of homes sold below list price, a clear indicator that the market is not
rewarding overly ambitious pricing. In this environment, strategic pricing is
essential to capture attention early and avoid chasing the market later. Year Over Year: Lets look at May 2025 versus May 2024
data. There were 20% more new listings
coming on the market this May than last year and there were 62% more homes
available for sale in King County. And Month’s Supply of Inventory was up 50%.
However the total number of closed sales was down 14% YoY for May. So there
were less buyers buying homes, but there were more new listings and a lot more
homes for sale. May 2025 was definitely a much softer market for sellers than
May 2024. Conclusion: So… where do things stand as we head into
summer? The market remains active and rewarding for sellers who list their
homes with a smart strategy. But buyers now have a bit more leverage, and
they’re using it. Interest rates remain a key factor and demand is starting to
wane with buyers becoming more selective. The bottom line: If you’re selling, your first week on the market
is still your best shot at success. And if you're buying, opportunities are out
there, 73% of the buyers that got under contract last week did not have to
compete!! As always, the key is preparation, positioning, and having a smart
plan in place. Ready to make your move? Let’s talk strategy.
— Kat
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