The August Market Recap

Inventory is up, competition is down, and sellers are adjusting. Here are last month’s numbers and why they matter for you:

Snohomish County

808 homes closed in August, down from 928 in July. Fewer closings means less competition for the buyers who are still out there.

Median sale price landed at $700,000 in August, down from $745,000 a year ago. That's $45,000 more breathing room than buyers had this time last year.

Homes sat on the market for 20 days in August, up from just 15 in July. Sellers have less leverage to hold firm on price when a home doesn't move in a weekend.

New listings dropped to 1,331 in August from 1,648 in July. Fewer sellers heading into fall could mean this window of opportunity narrows soon.

Homes for sale climbed to 3,255, up 40% from just 2,327 a year ago. That's the most choice buyers have had in this county in a long time.

King County

Only 1,821 homes closed in August, down from 2,152 a year ago. That's a market with far less buyer competition than last year.

Median sale price fell to $835,000 in August, down $30,000 from July's $865,000. A meaningful shift for anyone who felt priced out earlier this year.

Days on market jumped to 20 in August, up from 15 in July and 16 a year ago. Homes are sitting longer, which gives buyers more time to think and more room to negotiate.

Active listings hit 8,876 in August, up 31% from last year's 6,757. More options on the table than buyers have seen in years.

New listings dropped to 3,652 in August from 4,389 in July, nearly 17% fewer new sellers. If you've been waiting on the sidelines, the current selection may not stick around forever.

All of this to say: If you've been priced out, outbid, or just waiting for a better moment, this might be it.