Seattle has its busiest week of the year for new listings
Great news for buyers – rates are at their lowest level since April 2023, last week was the busiest week of the year for new listings in Seattle and the median home price declined in August from July.
Let’s dig in.
Last week was the busiest week of the year for new listings in Seattle (and pretty busy on the Eastside) due to sellers hitting the brakes on listing in August, opting to list after Labor Day instead. Expect this coming week to be busy too, some years it is even busier than the week after Labor Day. But after this week, we’ll see fewer new listings as the weather turns and holidays approach with sellers opting to sell in 2025 instead.
Meanwhile, the numbers for August came out.
In Seattle, the median price of a single-family home (and townhome) dropped $37,000 from July to $909,000 in August, this is up 2.7% from a year ago but well below the all-time high of nearly $1M in the spring of 2022 and above this year’s low of $828,000 in January.
On the Eastside, the median price of a single-family home (and townhome) dropped $93,000 from July to $1,646,000 in August, this is up 8.7% from a year ago but this is well below the all-time high of nearly $1.875M in the spring of 2022 and above this year’s low of $1,608,000 in February.
Not surprisingly, we were busy last week! We listed a lofty townhome on Interlake that went pending in two days, a large townhome in Fremont, had a buyer go pending on a floating home, and had another buyer go pending on a tiny home in Wallingford.
Links
- Seattle-area housing market sleepy as buyers hope for rate relief (Seattle Times)
- Seattle council approves rate-hike plans for utilities, electricity (Seattle Times)
- Hunts Point mansion owned by McCaws lowers asking price (PSBJ)
- Seattle gears up to rein in design review process (PSBJ)
The busiest week of the year for Seattle
Seattle: 397 new listings last week, up 196.3% w-o-w
Eastside: 247 new listings last week, up 100.8% w-o-w
Buyers on Labor Day-induced vacation
Seattle: 116 pending last week, down 26.1% w-o-w
Eastside: 113 pending last week, down 13.7% w-o-w
Eye candy
$6.5m Bainbridge Island modern
$4.7m Bainbridge Island craftsman
$2.85m Normandy Park midcentury modern by Paul Hayden Kirk
Check out last week’s market update, The fall season starts today
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