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King County Real Estate Update - July 2021

King County Real Estate Update - July 2021

by Noah Pratt on July 13, 2021

The real estate market in King County, and all of Western Washington is still very strong. We are starting to see more opportunities for buyers at all price points and in many different areas. Some suspect the reasoning is the fact that a lot of people who have been on the hunt for a home for the past few months now have what we call buyers fatigue, which results in buyers dropping out of the market and putting their buying experience on hold. That gives other buyers who are still constantly searching more chances to find a home with not as much competition. We are now half way through the year, and there are a few stats that I wanted to point out that I thought were interesting. The first one was new listings. In 2020 this time last year there were 14,549 new listing on the market year to date, and this year there are 17,288 new listings on market year to date in King County. Second, the average days on market. In 2020 the average days on market was 20 days, and at the same time this year the average days on market is 10 days here in King county.  Third, is the median sales price. In 2020 median sales price was $726,000, and this year median sales price is $699,990 year to date in King County. These numbers show that there are more opportunities for buyers and the overall market is beginning to even out, and not favor sellers as much. We are still in a sellers market but I am excited to see the positive changes in our market. That is this months market update as always please don’t hesitate to reach out with any real estate questions or inquires my team and I would love to be of service! 

Noah Pratt

Jon Bye & Associates

John L. Scott