After a Buyer Surge, the Snohomish & North King County Market Takes a Breath

After a Buyer Surge, the Snohomish & North King County Market Takes a Breath

Last week’s report had a good story to tell. Pending sales jumped almost 30% in a single week. The gap between new listings and pending sales dropped from 141 homes down to just 40. It looked like buyers were finally stepping off the sidelines.

This week adds a second data point to that story, and it’s a little more mixed. That’s actually the whole lesson here: one week of numbers never tells you everything.

This Week’s Numbers (Week Ending June 21, 2026)

• 394 New Listings (down from 435, -9%)
• 310 Pending Sales (down from 395, -22%)
• 10 Contingent listings (a new metric I’m tracking starting this week)
• 312 Price Reductions (down from 329, -5%)
• 5 Price Increases (down from 12)
• 27 Back on Market (down from 41, -34%)
• 33 Expired Listings (up slightly from 32)
• 100 Canceled Listings (down slightly from 102)
• 228 Homes Sold (down from 282, -19%)

The Gap Widened Back Out

Two weeks ago, new listings were outpacing pending sales by 141 homes. Last week, that gap shrank all the way down to 40. This week, it widened back out to 84.

So what happened? New listings only eased off by 9%. Pending sales dropped a lot more, down 22%. Buyers pulled back faster than sellers did this time around.

It’s tempting to call that a reversal. But hold on, because the rest of the data tells a calmer story.

The Signs That Actually Matter

If buyer demand were truly falling apart, you’d expect to see it everywhere. More price cuts. More expired listings. More deals falling through. None of that happened this week. In fact, most of these numbers moved in the right direction.

• Price reductions went down, from 329 to 312.
• Back on market listings dropped 34%, from 41 to 27.
• Expired and canceled listings barely moved at all.

That tells me something important. Fewer sellers are needing to chase the market with a price cut. And fewer deals are falling apart once they go under contract. Both are healthy signs, even with pending sales down this week.

A New Metric I’m Tracking: Contingent Listings

Starting this week, I’m adding one more number to the mix: contingent listings. These are homes under contract, but with conditions still open, like financing or inspection. Right now there are 10 of them. It’s a small number, but it gives an early look at deals before they hit pending status. I’ll keep watching it over the next few weeks to see if it tells us anything useful.

What This Means If You’re Selling

The headline number this week, pending sales down 22%, might look discouraging at first. But look a little closer and the picture gets better. Homes that are priced right and presented well are still selling without needing a price cut. Fewer contracts are falling apart after going under contract too.

None of that changes the basic strategy. Price your home to match today’s market, not last year’s. Present it well from day one. And if the first couple weeks don’t bring offers, be ready to respond quickly instead of waiting it out.

What This Means If You’re Buying

Inventory is still healthy compared to the last few years, even with new listings easing up a bit. If you’ve been waiting for a window with more selection and less competition, that window hasn’t closed. Last week was a reminder that window won’t stay open forever. But this week shows there’s no need to rush into something out of fear of missing out.

The Bottom Line

One strong week followed by one more typical week doesn’t mean the trend flipped. It means the market is settling into its footing. And the numbers that matter most for overall health all moved in a good direction this week. That includes price reductions, back on market, expired, and canceled listings. That matters more than the pending number on its own.

The right move still depends on your situation, not on one week of headlines. If you want to talk through what this means for you, reach out anytime. I’m happy to walk through it with you.

Data sourced from Snohomish & North King County MLS activity, week ending June 21, 2026.