Over the past 12 months, King County’s property prices have experienced notable fluctuations. While the January 2025 average sold price of roughly $1,863,150 represents about a 17% increase over January 2024’s $1,591,800, the month-to-month data reveals volatility with peaks and troughs – December and November 2024 saw averages in the low-to-mid $2.3–2.5 million range, creating a mixed picture. The long-term metrics are promising as evidenced by a strong 5-year price increase of 57.42% and a 10-year jump of 119.15% in the HPI, even though the 1-year growth of 3.54% and a 3-year dip of 5.45% suggest recent market softness that agents should consider when setting expectations with clients.

Recent inventory and demand indicators further emphasize these cyclical shifts. The latest month (January 2025) reflects a buyer-friendly scenario with a higher months of inventory (13.2 MOI) and an extended average days on market (59 days), contrasting sharply with previous periods where lower MOI (as low as 3.22) and reduced DOM (around 25-34 days) indicated hotter market conditions. Coupled with varying sales-to-new listings ratios—ranging from a low 18.18% in January 2025 to as high as 92.86% in December 2024—these trends suggest that while long-term property values are robust, agents should prepare both sellers and buyers for potential seasonal slowdowns and adjust pricing or negotiation strategies accordingly.

Read the full article on: Toronto Regional Real Estate Board