Seattle weekly wrap-up: median price dips nearly 4% m-o-m
The numbers for what the market did in July just dropped – the headline is that the median sales price declined 3.8% month-over-month to $880,000. This isn’t unexpected – the median sales price typically cools in the back half of the year and with rates seemingly stuck just above 7% prices shouldn’t keep climbing (but trying to predict the market the last couple of years has been impossible!).
As for the weekly numbers, we saw 238 new listings last week, up 13% week-over-week, while buyers put 184 homes under contract, about the same as the week before.
While many are embracing the summer slowdown, there are still some crazy stories out there. Take this simple house in north Seattle listed at $500k. It had 16 offers on it yesterday going well above $600k! Clearly, high rates aren’t deterring Seattle-area investors.
What caught my eye? Slim pickings! Just this penthouse at Trace Lofts, a building I used to own a loft in what seems like forever ago.
