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Four Weeks of Historically High Price Reductions
405 listings saw price cuts this week. The previous three weeks came in at 455, 376, and 452. So the four-week fall run reads: 455, 376, 452, 405.
Three of those four weeks rank in the top three all-time. None of them fall below 376. This is not a bounce from one big week. It is the sustained character of this fall market.
For context, the previous benchmark in this series was 401, set on August 2. We have now exceeded that level in three of the last four weeks.
In addition, price increases came in at 12, up slightly from 8 last week. Still very low. Very few sellers are testing higher ground.
Canceled Listings Remain Near Record Levels
Canceled listings came in at 158 this week. Last week set the all-time high at 184. So this week is the second-highest reading in this series, arriving back-to-back with the record.
Two consecutive weeks at the top of the all-time list is significant. Some sellers are not willing to cut prices far enough to compete. Instead, they are choosing to exit.
Expired listings dropped sharply from 89 to 41. That is a meaningful pullback after last week’s spike. Back on market listings rose to 51, up from 40. More previously-under-contract homes came back available. Some of these likely reflect deals falling through before closing.
Activity Pulled Back Across the Board
New listings came in at 366, down from 408 last week. Pending sales came in at 285, down from 315. Sold transactions dropped to 178, down from 219.
The supply-demand gap narrowed to 81 in favor of new listings. That is down from 93 last week and the tightest reading this fall. However, supply is still running ahead of demand.
The overall activity level pulled back this week. That kind of moderation is not unusual heading into mid-October. The underlying pattern of elevated seller pressure has not changed.
First Look and Other Notes
First Look listings came in at 32, down from 39 last week. NWMLS member agents can show these listings to buyers before they reach any public search site. The number has settled in the low-to-mid 30s over the last two weeks.
Contingent listings rose slightly to 5 from 4.
Thirteen-Week Market Snapshot
Supply-Demand Gap (New Listings Minus Pending Sales)
| Week Ending | New Listings | Pending | Gap |
|---|---|---|---|
| Jun 16 | — | — | +40 |
| Jun 21 | — | — | +84 |
| Jun 28 | — | — | +143 |
| Jul 5 | — | — | -116 (July 4th holiday — not a signal) |
| Jul 12 | — | — | +167 (peak) |
| Jul 19 | — | — | +85 |
| Jul 26 | — | — | +98 |
| Aug 2 | — | — | +146 |
| Aug 9 | — | — | (not tracked) |
| Aug 16 | 360 | 267 | +93 |
| Sep 20 | 447 | 342 | +105 |
| Sep 27 | 405 | 283 | +122 |
| Oct 4 | 408 | 315 | +93 |
| Oct 11 | 366 | 285 | +81 |
Price Reductions by Week
| Week Ending | Price Reductions | Notes |
|---|---|---|
| Jun 16 | 329 | |
| Jun 21 | 312 | |
| Jun 28 | 354 | |
| Jul 5 | 242 | July 4th holiday — suppressed |
| Jul 12 | 388 | |
| Jul 19 | 370 | |
| Jul 26 | 350 | |
| Aug 2 | 401 | Previous benchmark |
| Aug 9 | (not tracked) | |
| Aug 16 | 313 | |
| Sep 20 | 455 | All-time high |
| Sep 27 | 376 | |
| Oct 4 | 452 | 2nd highest ever |
| Oct 11 | 405 | 3rd highest ever |
Canceled Listings by Week (Fall Comparison)
| Week Ending | Canceled | Notes |
|---|---|---|
| Aug 2 | 138 | Previous high |
| Aug 16 | 123 | |
| Sep 20 | 155 | New high at the time |
| Sep 27 | 142 | |
| Oct 4 | 184 | All-time high |
| Oct 11 | 158 | 2nd highest ever |
What This Means for Buyers
Fall continues to deliver for buyers in Snohomish and North King County. Sellers are under consistent pressure. Price cuts are common. The supply-demand gap still favors buyers.
In addition, First Look listings add a layer of pre-market inventory. That access is only available through an NWMLS member agent. It means you can see properties before they hit Zillow, Redfin, or any public site.
The fundamentals remain favorable for buyers across the Greater Seattle and Bellevue areas. The key is working with someone who watches this data and can move quickly when the right home comes up.
What This Means for Sellers
Buyers are still there. 285 pending sales and 178 closings in a single week is not a dead market.
However, four consecutive weeks of data are saying the same thing. Price reductions, cancellations, and expirations are all running at historic levels. The market has no patience for overpriced listings.
Sellers who are moving homes priced right from the start. Sellers who tested the market are now cutting, canceling, or expiring. If you are planning to list this fall, your starting price is the most important decision you will make.
I pull this data every week from the NWMLS MarketWatch system and cover Snohomish County and the northern portion of King County. I serve buyers and sellers across the Greater Seattle and Bellevue areas. I am Charles Dizon with Century 21 Real Estate Center in Everett.
Call, text, or visit charlesdizonhomes.com.
