Real Estate Market Update – July 2023

WBC Designated Broker, Cortney Adams, offers a quick break-down of recent market stats for July 2023. Keep reading to learn more!

• Pendings in July slightly under performed the pending count from this time last year. This is not a shock since the months of inventory has not been above 1 month for at least 3 months. However, the difference wasn’t by much.
• Average Sold prices for July 2023 have steadily been creeping close to July 2022 numbers while many of the areas noted have surpassed last year’s prices.
• Closed sales are still lagging last year’s numbers by roughly 10-20% in most areas. There are several areas in the north King County that have seen a bit of a surge compared to July 2022 numbers.
• Active and New listings seem to be holding steady, which is good for prices, but bad for transaction counts. Internally we are seeing multiple offers on dialed in properties that are priced attractively. Some of these are selling for 5-10% above asking. Homes priced at the most recent comparable are tending to sit.