As the holidays approach, we’re in a season known for a natural slowdown in real estate market activity. While month-to-month declines in active listings and closed sales are expected at this time of year, these fluctuations don’t suggest a downturn. In fact, last month saw an increase in year-over-year closed sales, signaling a healthy market with sustained demand. Looking ahead to the winter months, many homeowners will begin preparing their properties for spring listings, and with interest rates remaining lower than a year ago, demand from buyers should remain strong.
In November, King County’s median residential sold price rose 4% year over year, climbing from $885,500 to $925,000. While the number of active residential listings was 14% higher than at the same time last year, it fell by 25% from October’s level, largely due to seasonal market shifts. Pending residential sales dropped 31% from the previous month but remained 15% higher than a year prior. King County condos saw a year-over-year price increase of 17%, with a median sold of $565,467. The number of active condo listings was also 49% higher than last year, giving first-time homebuyers new opportunities in this segment of the market.
Seattle’s November median residential sold price inched up 3% year over year, reaching $968,000. However, this level remained roughly flat compared to last month. The number of closed residential sales jumped 22% from the same time last year, demonstrating a notable increase in buyer activity. Active residential listings rose 13% from a year prior, but dropped 26% from October, aligning with expected seasonal trends. Meanwhile, Seattle’s condo market experienced a significant boost in inventory this November, with 32% more active listings than at the same time last year. Perhaps due to buyers having more choices this year, the median sold price for condos slipped 1%, down to $574,950.
On the Eastside, the number of active residential listings dropped by 27% month over month but finished November 1% higher than a year ago. Single-family homes sold for a median price of $1,537,312, reflecting a 10% year-over-year increase. The number of closed residential sales jumped 23% compared to the same time last year but decreased 20% from October. Eastside condos also saw a 10% year-over-year price increase, with the median sold price reaching $685,000, though this was down from $740,000 in October. The month-over-month decline may reflect the significant 77% increase in the number of active condo listings compared to last year, giving buyers more options.
Snohomish County experienced an 8% year-over-year increase in the median sold price of a single-family home in November, rising from $725,000 to $784,976. The number of active residential listings declined 22% month over month, likely due to seasonal changes, but still finished the month 12% higher than a year ago. Closed residential sales surged 30% year over year, while pending sales climbed 16%, signaling increased buyer demand and a robust market. Snohomish County condos also posted gains, with the median sold price rising to $535,000, up 3% from last year. At the same time, active condo listings jumped 51% compared to a year prior, providing buyers with more opportunities.
November’s hot/cold market trends mirror patterns we saw a year ago, suggesting that Q1 of 2025 could once again bring rising prices. As we look ahead, it will be interesting to see how higher asking prices and shifting interest rates shape opportunities for buyers and sellers in the coming months. For help navigating these market fluctuations, connect with your Windermere broker for expert insights and up-to-the-minute advice.
