Market Recap
Visual Here WoW: The Thanksgiving week produced the traditional slowdown, with sharp drops in new listings and closed sales across every county, consistent with holiday behavior. King County saw new listings fall more than 60% and pending sales drop nearly 20%, while closings fell almost 40%. Seattle, the Eastside, Pierce, Snohomish, Skagit, Whatcom, Thurston, Island, San Juan, and Kitsap counties exhibited similar patterns—new listings down 40–70% week over week and pending sales down meaningfully in most markets as both buyers and sellers stepped back for the holiday period. Inventory also tightened across nearly all counties, reflecting both reduced seller activity and gradual seasonal absorption. Despite the pullback in transaction counts, pricing remained stable, with county-level median active and sold prices holding close to prior weeks (see page 31), demonstrating that the slowdown is seasonal, not structural. Overall, the week-over-week data aligns perfectly with expected late-November market rhythms: fewer listings, fewer sales, less movement—but steady pricing and continued underlying demand. YoY: November 2025 is showing a healthier and more balanced market compared to the same time last year. Inventory is notably higher across every major county, giving buyers more choices than they had in November 2024. Despite this increased supply, closed sales are running lower year over year, largely due to longer transaction timelines and a calmer pace rather than weakening demand. Pending sales, however, are up in nearly all counties, signaling that buyers remain active and engaged even if fewer deals have reached the closing table so far. Pricing has held steady across the region, suggesting that the softer closed-sale counts are more seasonal and timing-based than reflective of declining values. Overall, November 2025 reflects a more supplied, more active, and more stable market environment than November 2024.
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