Market Trends From Around The Sound: Q3-2023

By Alyssa Morrison |

When investing in real estate, we want our homes to appreciate. Amid high interest rates and a slow-growth economic picture, ensuring your investment is wise is more important than ever. Each quarter, Realogics Sotheby’s International Realty looks back at key indicators of the real estate market across several communities and counties so that you can make an informed decision about the next step in your real estate journey. In some counties, we saw growth; in other communities, home prices continued to decline year over year, though none drastically fell. Explore these reports, and when you’re ready to have a conversation, reach out to a trusted Realogics Sotheby’s International Realty advisor so you can work to achieve your real estate goals.

Seattle   |   Single-Family Homes 

There’s two months of inventory on the market right now—a seller’s market, but more inventory than the city has experienced in quite some time. For buyers, this is an opportunity.  

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Eastside   |   Single-Family Homes 

Year-over-year, the average price per square foot ticked up, but by less than a percentage point. Likewise, the median sales price also saw gains, but by less than 5%. Overall, the Eastside market appears has found the middle ground between fast and over-list sales during the pandemic and the knee-jerk pullback halfway through 2022.

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Mercer Island   |   Single-Family Homes 

Only 1.3 months of inventory are available on the Island, compared to 2.1 months in Q3-2022. But patience will be essential for Mercer Island sellers, as the average days on market have ticked up from 11 in 2021 to 18 in 2022 to 30 in 2023.

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Bainbridge Island   |   Single-Family Homes 

Is this a rare buyer opportunity? There are 2.1 months of inventory available, the most homes available on the island in quite some time. All while the median sales price is down year over year.

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Seattle   |   Condominiums 

The median sales price of a Seattle condominium is up over 12% year over year, but sellers should have patience, and they can expect their offering to sit on the market for potentially over a month.

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Kitsap County   |   Single-Family Homes 

(Excluding Bainbridge Island)

The market has comparatively slowed in contrast to the rush during the pandemic. Still, it was a seller’s market then, and it’s a seller’s market now, with slower appreciation, a few more days on the market, and slightly more inventory.

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King County   |   Single-Family Homes 

The average days on market ticked up from 21 days this time last year to 23 days in the third quarter of 2023. King County, as a whole, is also decidedly still a seller’s market, with just 1.6 months of inventory.

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Pierce County   |   Single-Family Homes 

With market experts predicting that a drop in mortgage rates will spur action by buyers ready to the market, the time to find a home, with less competition, may be now.

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Snohomish County   |   Single-Family Homes 

With 40% fewer homes for sale and an overall drop of over 16% in homes sold, the average number of days a home spends on the market also dropped to 21 from 22 since last year.

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Skagit County   |   Single-Family Homes 

Homes for sale in Skagit County are down by nearly 24%, while the number of homes sold compared to this time last year is also down by almost 22%.

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Island County   |   Single-Family Homes 

For home sellers, the gains of 5% in the average price per square foot and the increase in the median sales price of 14% year over year are good news in the appreciation of their island abodes.

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Whatcom County   |   Single-Family Homes 

Buyers seem hesitant to take on the market in full force: the number of homes sold fell by 17.5%, and the number of homes offered for sale also fell by 16%.

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