Ron Stephens

REAL ESTATE BROKER

Call or Text 253.970.4694


We always value relationships over transactions!

South King County Real Estate Update

Dawn Rushton Real Estate Group New Listing!

13219 SE 261st St, Kent, WA 98042

MLS #2146620

Open House Saturday Aug 5th, 12pm to 4pm

Sunday Aug 6th, 1pm to 5pm

Most Recent Market Activity

New listings last two weeks:

Maple Valley

Renton

Issaquah

Auburn

Kent

Federal Way

Bellevue/Eastside

Sold in the last two weeks:

Maple Valley

Renton

Issaquah

Auburn

Kent

Federal Way

Bellevue/Eastside




If you click a link for "Sold in the last two weeks", you can see how much each home actually sold for and what the list price was.

Custom Searches: 



Primary Bedroom on Main Floor


Vacant Land


Search Entire MLS


New Construction


Year Over Year Comparison for July


King County

Key Metrics

July 2022

July 2023

% Change

New Listings

4024

3031

-24.7%

Homes For Sale

5601

3940

-26.6%

Closed Sales

2514

2166

-13.8%

Days On Market

7

7

+0%

Median Price

$810,000

$800,000

-1.2%

Price Per Sq Ft

$489

$482

-1.4%

Percent Of List Price

100%

100%

+0%


Maple Valley Area

Key Metrics

July 2022

July 2023

% Change

New Listings

149

105

-29.5%

Homes For Sale

270

143

-47.0%

Closed Sales

155

93

-40.0%

Days On Market

11

6

-45.5%

Median Price

$813,765

$780,000

-4.1%

Price Per Sq Ft

$360

$368

+2.2%

Percent Of List Price

100.0%

100.0%

+0%

*If this data interests you, I highly recommend you look at the charts for a clear picture of the trend in each category.

The Key Metrics in left column contain hyperlinks to NWMLS charts*

KEY TAKEAWAYS:

Remember, "year over year" means we are comparing last month's numbers with the same month one year ago. So last month (July 2023) is slightly lower than July 2022.


However, for this entire year, beginning in January 2023, prices have increased steadily, to the point that they have almost risen back to their extreme highs of 2022.


On the charts above, if you look at Price per Square Foot, it looks like we are just about back to last year's prices.

Chart Showing Median Home Sales Prices for King County from January 2020 to July 2023

If you look at the markings I put on the chart above, you can see that the steep rise in prices since January (green arrows), dipped a little lower last month (red arrow).


That dip is more of a seasonal adjustment than the beginning of another big drop in prices.


Also, if you look at the highest peak on the chart which represents May 2022, you see prices dropped for seven months due to the increase in mortgage rates.


For those who have been worried about a housing crash, that was probably it.


From December 2022 until the present (green arrows), we have seen a recovery in home prices.


Our hope and expectations are that from here we see more normal pricing ups and downs without the big drop like we saw from December until now.

I hope you have a fantastic week and continue to enjoy this beautiful summer we are having!!


Remember that we are here for you, and if you have any questions about buying or selling in this market, please let us know!



Call, text or email Ron

253.970.4694

[email protected]

Mortgage Rates


Rates ended the week at 7.03%



Click HERE to see current Mortgage Rates


(national averages and not a quote)

Meet our team!

Seated: Ron, Jessica, Amanda

Standing: Dawn, April





Please let me know if there is anything I can do for you!


Call/Text Ron at 253.970.4694

Email: [email protected]


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