Seattle weekly wrap-up: median price up 10.65% YTD
The big news last week is that the data for May is out. While the Seattle Times focused on the year-over-year change, Seattle-area home prices tumble from last year’s highs, we think the real headline is that prices are up over 10% year-to-date. The sub-headline is that prices have likely peaked for the year and will soften in the back half of the year, as they usually do, but we won’t see much of a summer slowdown for <$1.5m single-family homes where demand is strong; this house had 30+ parties through their open on Saturday!
As for what happened with real estate last week, new listings slowed. We saw 16% fewer new listings last week. But buyer interest was strong after the post-Memorial Day bump in new listings, so the number of homes that went pending was up 45% to 221. Buyers now just have this week and next before new listings slow for summer.
So we had a busy week last week, especially in Magnolia where we’ve been helping a lot of sellers! To start our Perkins Lane view listing closed and we listed a midcentury with a stunning backyard on Raye St and a starter condo on 30th.
Lots of interesting listings last week – a $5m condo at the Four Seasons with glass walls. Yes, even in the bathroom! A $7.25m waterfront contemporary, or here’s a vacant waterfront lot in Matthews Beach if you wanted to build your own. Loft fans will appreciate this new listing at the Fremont Lofts (the only lofts in Fremont?). I don’t know how to describe this Madison Park cottage, but I like it! This Mercer Island midcentury with a pool would have been nice yesterday… And finally, I’d love a beach cottage on Point Monroe.
