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King
County Housing Market Update – Stats by Kat Welcome to this week’s Stats by Kat, your trusted source
for the latest King County real estate insights. The market is showing signs of
change, and the numbers tell a compelling story. Whether you're buying or
selling, understanding these trends is key to making smart real estate
decisions. Market Inventory & New Listings For the first time in a while, inventory has been creeping
up over the past couple of weeks. King County’s housing supply now sits at 1.0
month, a slight increase but still favoring sellers. Last week, 440 new
listings entered the market. Year Over Year February 2024 vs February 2025 The number of new listings was up 1.8% last month versus a
year ago. Interestingly, the total number of homes for sale was up 36% - WOW!
But the number of homes that went under contract was down 0.6% last month. Offer Review Trends Sellers continue to use strategic pricing and offer review
dates to drive competition. Fifty-seven percent of sellers set Offer Review
Dates (ORDs), potentially increasing the likelihood of multiple offers. Multiple Offers & Contingencies According to NWMLS data from March 18th - 25th: · 40% of
pending homes received multiple offers. · 32% of
accepted offers included an Inspection Contingency. · 58% of
accepted offers included a Financing Addendum. How Fast Are Homes Selling? The market remains fast-moving, especially for
well-prepared homes: · 54% of
homes listed between March 9th – March 15th went under contract within 7 days. · 69% of
homes listed between Feb 23rd – March 8th were under contract within 14 days. For homes that recently closed: · Average
Days on Market: 24 days · Median
Days on Market: Just 6 days · 54% of
sellers received over asking price · 29%
received 5% or more over asking · 17%
received 10% or more over asking · 9%
received at least 15% over asking · 4%
received 20% or more over asking The Takeaway The market is shifting, but the story isn’t the same for
every home. Inventory is up, and we’re seeing fewer buyers going under contract
compared to this time last year. On top of that, a significant portion of last
summer and fall’s listings are still sitting on the market. Here’s the breakdown: · 36% of
active listings have been on the market for 30+ days. · 22%
have been sitting for more than 60 days. And here’s the catch—it’s still a strong sellers’ market
for “new listings”. Well-prepared, competitively priced homes are selling fast,
often with multiple offers. Meanwhile, older listings may need price
adjustments, strategic updates or to go off-market for 60 days and be relisted to
attract fresh interest.
Thinking about buying or selling? Let’s talk strategy to
help you make the most of this market.
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