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eattle’s housing market slid into a slump in October, mirroring the city’s broader gloom. The month brought a cold, dark start, massive corporate layoffs, a federal shutdown that has become the longest in U.S. history, and the Mariners’ World‑Series hopes dashed. While the baseball loss had little direct effect on sales, it added to the overall bleak mood.
According to the Northwest Multiple Listing Service (NWMLS), King County’s pending sales fell 10.8% and closed sales dropped 8.2% from the same month a year earlier, even as 30‑year mortgage rates hit a one‑year low at 6.17%. “The rate cuts were too little, too late to counter the economic chaos,” said Kim Colaprete, owner of Team Diva Real Estate. The shutdown, beginning October 1, has left many government workers unpaid, further dampening buyer confidence. Alex Nakamoto, a local broker, noted that many prospective buyers halted their searches after their paychecks stopped, and even those still paid are uneasy.
The job market added to the uncertainty. In early October, Starbucks cut nearly 1,000 corporate positions in Seattle and Kent. Amazon announced a 14,000‑worker layoff, with 2,200 in Seattle and Bellevue, and warned cuts could continue into 2026. “If you’re a tech worker seeing colleagues laid off, buying a home feels risky,” Nakamoto said. With fewer buyers, remaining prospects had more time to browse, causing homes to linger on the market. October saw a 7.8% rise in new listings and a 33% increase in active listings compared to last year.
Price trends varied by county. King County’s median single‑family sale price rose 3.9% to $997,000, while Snohomish fell 4.9% to $770,000 and Pierce dropped 1.7% to $570,000. Kitsap saw the largest gain, up 8.8% to $600,000. Seattle’s median price stayed flat at $1,550,000, but rose 8% to nearly $1,050,000. Despite the overall slowdown, some areas remain seller‑friendly. Colaprete noted that bidding wars are rare but still occur for desirable properties, and sellers often prioritize quick closings over higher offers. One client accepted a $50,000‑below‑asking bid because the buyer waived an inspection.
The condo market has been especially brutal. In King County, the median condo price fell 2% from last October to $550,000, while Snohomish and Pierce saw modest gains of 3% to $525,000 and $395,000, respectively. Inventory in certain Seattle neighborhoods, such as one‑bedroom units and Capitol Hill condos, has surged, making sales difficult. Buyers are reluctant to purchase condos due to high prices and monthly fees. Sellers of recently purchased condos are often forced to accept lower prices; one Kirkland condo sold for only $2,000 profit after a similar unit in the same building continued to drop its price.
The region’s turnover rate has hit a low in decades, with many listings lingering and sellers competing for attention. Colaprete frequently advises owners of recent condo purchases that they may have to sell for less than they paid. The combination of economic uncertainty, layoffs, a prolonged shutdown, and a saturated inventory has left Seattle’s housing market in a prolonged, uneasy state.
