Boeing CEO buys, Train singer is selling, great eye candy, and more!
It was another busy week for new listings last week, one of the busiest of the year (see the data below). But buyers, even with mortgage rates now in the low 6s, aren’t snapping up nearly as many homes as sellers are offering up. We suspect some buyers are holding off to see what the Fed announces tomorrow, though mortgage rates have likely priced in the anticipated Fed rate cut. We also hear that some buyers are hitting pause until next year hoping for even lower rates but home prices will likely be more negotiable this fall than they’ll be in the first half of 2025.
But the big news this week is Amazon requiring employees to be back in the office five days a week starting in 2025. Combined with lower interest rates, this will likely give the condo market a much-needed shot in the arm. (Many condo owners who bought in 2017 and 2018 are still underwater.)
Last week we were busy helping our friends’ parents buy our neighbors’ waterfront townhome overlooking Mallard Cove. We were also busy protesting the very real possibility that our daughters’ Eastlake public school, TOPS, is likely to close along with many other elementary schools. Don’t be surprised to see a mini-exodus of parents frustrated by Seattle Public Schools move from Seattle to the Eastside next spring!
This week we listed a condo at Fifth and Madison. Check out its virtual staging, that tech has come a long way!
Links
- Avenue Bellevue under new ownership after developer and lender strike deal (PSBJ)
- This home received 9 offers and is selling for $1.61m, 20% over list price
- One house, one homeowner and more than 100 shades of white (NYT)
- Boeing CEO bought a Seattle home. Here’s what we know (Seattle Times)
- Train singer Pat Monahan puts Lake Sammamish home on the market (PSBJ)
- Updated new construction condo pipeline (Urban Living)
One of the busiest weeks of the year for new listings
Seattle: 378 new listings last week, down 4.8% w-o-w
Eastside: 246 new listings last week, down 0.4% w-o-w
Buyers were busy, but not as busy as sellers
Seattle: 213 pending last week, up 83.6% w-o-w
Eastside: 148 pending last week, up 31% w-o-w
Eye candy
$5.89m Enatai midcentury modern
$3.5m Blue Ridge midcentury modern
$2.35m Bainbridge Island townhome
$2m Broadview midcentury modern
Eye candy ~$1m
$1.075m North Beach midcentury modern
Check out last week’s market update, Seattle has its busiest week of the year for new listings
And don’t miss our next update, sign up for our weekly newsletter.
