Seattle weekly wrap-up: November prices buck seasonality!?
Hot off the presses is the data for what the real estate market did in November. The Seattle Times has the regional view, so let’s dig into the single-family home data for Seattle where pending sales are slightly up this November compared to a year ago (532 this year vs 525 last year) even though rates were worse this November. But most notably the median home price was $920,000 up 4.5% month-over-month and up 5% compared to last November. While interest rates have been trending down (the 30-year fixed is at 7.04% today, off recent highs but higher than last year at this time), and inventory is low, I was still surprised to see this as prices usually decline in the back half of the year as buyer interest wanes.
As for the weekly data – the number of new listings in Seattle re-bounded – we saw 135 new listings last week, though that number will now decline through the end of the year and we won’t see that many new listings in a week until the first of second week of 2024. As for buyers, they put just 75 homes under contract last week. This was because almost no homes hit the market over Thanksgiving, expect that number to rebound this week.
What caught our eye? This Beach Drive NW contemporary fixer with a bonus cottage did! Then there was a NW midcentury on the Eastside and this awesome waterfront place on Bainbridge Island.
In other real estate news:
- We did a hardhat tour of First Light and saw their cantilevered rooftop pool (video)
- We toured the newly completed Graystone (video)
- Infinity Shore Club has cut prices 20%. The Fitzgerald has also cut prices.
- More details emerged about Bosa’s Eastside project Main & Bellevue
- Business Insider figured out where Jeff Bezos lives. Here’s a look inside. I toured this home in 2019, it is quite the bachelor pad!
- A newly bought home in Bothell exploded (yikes!)
And lastly, we had a great holiday party last weekend! Tons of past clients, friends and family joined us, and Santa, for a skate.
