Rates jump, Eastside prices plummet
Mortgage rates are all everyone has been talking about these past few days since they had their quickest spike in months moving from 6.2% on Thursday and are now at 6.67%. Ouch! We’ll have to wait a week to see if buyers hit the brakes.
Meanwhile, the numbers for September came out.
In Seattle, the median price of a single-family home (and townhome) was unchanged at $926,000 from the month before. It is up 3.3% from a year ago but well below the all-time high of nearly $1M in the spring of 2022 and is still above this year’s low of $828,000 in January.
But on the Eastside, the median price of a single-family home (and townhome) dropped $112,500 from August to $1,537,500 in September, this is up 1.5% from a year ago but this is well below the all-time high of nearly $1.875M in the spring of 2022 and is a new low for the year (what is happening on the Eastside??).
In condo news, check out our new video walkthrough of First Light, it is quickly coming together for closings this fall. A post on X highlights an 8-unit condo coming to 2514 Dexter Ave N designed by Johnston Architecture. Does anyone know more?
We were busy last week handing off keys to buyers of a delightful Westlake floating home (we’ve now sold 3 homes on this dock!), wrapped up the listing of a lofty townhome on Interlake (that we’ve now sold twice), and had our first of many buyers at Mari close (Mari turned out great!).
Links
- Why rich people don’t cover their windows (The Atlantic)
- How this Ballard micro-neighborhood reflects an ever-changing Seattle (Seattle Times)
- Nearly 16% of all mortgages carry a rate greater than 6% now. (Mike Simonsen on X)
- Seattle’s new Dexter condos add family-sized units (sean Jursnick on X)
- ‘Blippi’ creator buys $7.2 million home ion Kirkland waterfront (PSBJ)
- Non profit land trust aims to keep homes permanently affordable – here’s how (PSBJ)
Buyers see fewer and fewer new listings
Seattle: 262 new listings last week, down 10.3%% w-o-w
Eastside: 190 new listings last week, down 4% w-o-w
Homes going pending by the week
Seattle: 195 pending last week, down 17.7% w-o-w
Eastside: 157 pending last week, up 0.6% w-o-w
Eye candy
$27.8m Medina modern by McCullough Architects
$12.8m Clyde Hill modern by Adam Leland Homes
$1.3m new modern in Victory Heights
Eye candy <$1m
Check out last week’s market update, Laurelhurst home sells 26% over asking
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