August delivered a clear signal that our local markets are moving through their seasonal cool-down, though this year’s pullback landed harder than usual. Median prices dropped from July across three of our four areas, and more sharply than typical in August, likely a combination of the season’s usual slowdown ahead of fall and broader market conditions compounding it. Year-over-year declines widened as well. Competition also eased: fewer homes sold above asking price, more required a price adjustment to sell, and days on market stretched out compared to earlier in the year. Still, every market remained in balanced territory, but buyers are gaining real leverage and sellers are perhaps needing to lean harder into strategic pricing and presentation to get deals done.
KING COUNTY
King County’s median residential sold price fell to $920,000 in August, down 7% year over year and 8% from July. Active listings remained up 33% from a year ago, keeping buyers well supplied, while closed sales slipped 9% and pending sales eased 4% year over year. Competition cooled noticeably, with just 16% of homes selling above asking and only 65% selling within 30 days, down from 75% in July. In the condo segment, the median price fell 6% year over year to $515,000, while active listings grew 25%.
SEATTLE
Seattle saw similar shifts in August, with the median residential sold price falling 8% from July and 8% year over year to $920,000. Active listings grew 27% from last year, giving buyers considerably more options, while closed sales dropped 16% and pending sales fell 14%, signaling more buyers are taking their time. Seattle held onto its competitive edge, though: 23% of homes still sold above asking price, and 72% sold within 30 days. Even so, 41% of homes required a price adjustment to sell, up noticeably from July (28%), underscoring how important a strong initial price has become. The condo market cooled as well, with the median price down 10% year over year to $535,000 as active listings rose 19%.
EASTSIDE
The Eastside offered an encouraging signal in August: pending sales went up 4% year over year, a notable reversal after months of declines and a hint that more closings could be on the way. Active listings remained the highest of our four markets, up 46% year over year. The median residential sold price fell to $1,445,721, down 6% from a year ago and 8% from July. Buyers had real leverage last month: just 11% of homes sold above asking, and 48% sold only after a price reduction, the highest share regionally. Eastside condos saw the median price fall 12% year over year to $630,000 as active listings grew 28%.
SNOHOMISH COUNTY
Snohomish County continued to stand apart in August, posting the only month-over-month price gain of our four markets, up 2%, even as the year-over-year median residential sold price fell 3% to $769,000. Active listings rose 36% from last year, and closed sales fell 13% after July’s surprise gain, while pending sales slipped 8%. Just 17% of homes sold above asking and 45% sold only after a price reduction. With 2.9 months of supply, Snohomish County was the tightest of our four markets in August. The county’s condo segment saw the median price rise 6% year over year to $532,450, the only condo market to show positive price growth, while closed sales climbed 13%.
LOOKING AHEAD
With mortgage rates holding in the high-6% range, it’s unlikely we’ll see a rate-driven rush this fall. Instead, the market shift to watch is pricing. August’s pullback suggests sellers are recalibrating to buyer expectations, and homes priced to reflect current conditions, not last year’s numbers, are the ones finding buyers quickly. For buyers, that could mean strong negotiation power through the fall, especially on homes that have already seen a price cut. For sellers, the opportunity is in getting ahead of the next potential price adjustment rather than waiting for one. An experienced Windermere advisor can help you determine where you stand in today’s market and build a plan to help move you forward.
