Snohomish and North King County Real Estate Market Update: Week Ending September 20, 2026

Price reductions hit a new all-time high this week in Snohomish and North King County. At the same time, pending sales came in at their strongest point since I started tracking this data in June. The market is moving in both directions at once.

Also new this week: the NWMLS introduced a listing status called First Look. I will explain what it is and why I am adding it to my weekly tracker below.

New Listings, Pending Sales, and the Gap

447 new listings came to market during the week ending September 20. That is up from 360 five weeks ago. Meanwhile, 342 listings went pending. That is up from 267 five weeks ago and is the highest pending reading in my entire tracking period.

The gap between new listings and pending sales came in at 105 in favor of supply. That is very close to where it was on August 16, when the gap was 93. In other words, supply is still running slightly ahead of demand, but the margin has not changed much.

However, the real story is not the gap. It is the price reduction number.

Price Reductions Hit a New Record

455 listings saw price cuts this week. That is the highest single-week total since I started pulling this data back in June. To put that in context, the previous peak was 401 on August 2. This week’s number is 13.7% above that prior record.

Price reductions are a clear signal that sellers are competing hard to capture buyers. A lot of sellers are reading the market and choosing to adjust rather than wait.

In addition to price reductions, canceled listings also hit a new high. 155 listings were canceled this week, up from 123 five weeks ago. Some sellers are simply pulling their listings rather than reducing price. That is a different kind of response to the same pressure.

First Look: A New NWMLS Listing Status

Starting this week, the NWMLS is reporting a new listing status called First Look. These are pre-market properties. NWMLS member agents can access them and show them to clients before they appear on Zillow, Redfin, or any public search site.

This week there were 55 First Look listings in Snohomish and North King County.

Going forward, I will include First Look in every weekly update. It adds useful context to the overall supply picture. If I include First Look alongside new listings, the effective supply number this week rises to 502. The gap relative to pending sales would be 160 in favor of supply.

For buyers, First Look means there is a layer of inventory that many people never see. Working with an NWMLS member agent gives you access to those properties before the general public does.

Other Numbers This Week

Back on market listings came in at 44, up from 32 five weeks ago. These are properties that were previously under contract and came back available. It is worth watching this number, as it can reflect deals falling through.

Expired listings rose to 60 from 51. These are listings where the contract with the seller ran out without a sale. This often points to properties that were overpriced or poorly positioned.

Sold transactions came in at 196, which is essentially flat compared to 199 five weeks ago. Deals are still closing at a healthy pace.

Price increases remain low at 12. Only a small number of sellers are pushing prices higher. That tells you where the market sentiment sits.

What This Means for Buyers

This is a good time to be a buyer in Snohomish and North King County. Supply is solid. Sellers are cutting prices at a record pace. And for the first time, First Look listings give you access to pre-market inventory that most buyers never see.

If you have been waiting for the right moment, the market is giving you both options and leverage right now. The key is having an agent who watches closely and moves quickly when the right property comes up.

What This Means for Sellers

Buyers are active. 342 pending sales in a single week is not a slow market. However, those buyers have plenty of choices, and they know it. 455 price reductions this week tells you that sellers who overprice are not waiting long before they have to adjust.

The sellers who are moving their homes right now priced right from the start. If you are thinking about listing this fall, your initial price is the most important decision you will make.

If you want to talk through what this market means for your situation, I am happy to connect. Call or text me directly, or visit charlesdizonhomes.com to learn more.