Laurelhurst home sells 26% over asking

We didn’t see as many new listings last week (compared to the first three weeks of September) but we were pleasantly surprised by how busy open houses were and how many showings our listings received (buyers are out there!).

Our take on this: sellers thinking of listing this fall have listed. As for buyers, there are still many buyers buoyed by lower mortgage rates hoping to get into a place by the end of the year. Or they’re getting a jump on next year.

Speaking of next year, we bet mortgage rates will be a little lower, bringing out more buyers. The wild card is how many new listings we’ll see. We bet that we won’t see as many new listings in the first half of the year (as buyers would like) due to how many owners are still locked into 2-3% rates they don’t want to lose. Since we’ll likely see fewer new listings than there are buyers, expect the median home price to go up.

Links

Laurelhurst home sells for 26% over asking

Laurelhurst home sells for 26% over asking

Fremont Bungalow sells 14% over asking

Seattle churches wanting to build affordable housing face testing times (Seattle Times)

Seattle City Council lifts 10-year-old affordable housing restrictions (PSBJ)

the fall spike of new listings is likely over

Seattle: 292 new listings last week, down 23.2%% w-o-w
Eastside: 198 new listings last week, up 0.5% w-o-w

How long will buyers stay active this fall?

Seattle: 237 pending last week, up 2.2% w-o-w
Eastside: 158 pending last week, down 8.1% w-o-w

Eye candy

$6.5m Bellevue modern by McClellan Tellone Architects

$6.2m Mercer Island midcentury modern

$3.15m Windermere midcentury modern by Raymond H. Peck

$2.185m Bainbridge Island craftsman by acclaimed woodworker, Tom Salisbury

$1.995m Eastlake motor-yacht houseboat

Check out last week’s market update, See the home with 8 offers yesterday

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