Buyers busy despite 7% rates
The last week has been busy! The distraction of the election likely stopped sellers from bringing new listings online; most are waiting until 2025. But buyers continue to put a surprising number of homes under contract – even with mortgage rates at 7%! One of those buyers was our client excited to finish this unfinished Mercer Island contemporary and a separate buyer frustratingly got beaten last night in a bidding war for a new single-family home that had been sitting.
October data is now in, and the median price of a single-family home in Seattle has risen to $960,000. This is just slightly above spring prices and represents a 9% increase compared to last year. It’s also close to the all-time high of $1 million in spring 2022 when interest rates were lower.
On the Eastside, the median price for a single-family home is currently $1,600,000. While this is higher than last month, it’s still significantly lower than the Spring peak of $1,794,000 and much lower than the $1,875,000 seen in spring 2022.
P.S. Don’t miss the walkthrough videos we’ve made for Mari Bellevue and the Avenue Residences. More coming soon!
Bidding wars
- Kirkland home sells for 21% over asking
- North Seattle midcentury sells for 20% over asking
- Newport Hills rambler sells in 1 day for 20% over asking
Links
- Seattle-area home sales surge as market sends mixed signals (Seattle Times)
- AIA Announces its 2024 Awards (AIA Seattle)
- Amazon’s headcount in Bellevue will make another jump by year’s end (PSBJ)
- Amazon plans to move out of this Seattle building (Seattle Times)
- Mutiny Bay estate on Whidbey Island hits market for $20 million (PSBJ)
- Mortgage rates fell, then rose. What comes next? (NYT)
New listings dip below last year this time
Seattle: 176 new listings last week, down 25.4% w-o-w
Eastside: 100 new listings last week, down 21.3% w-o-w
Buyers remarkably active
Seattle: 182 pending last week, down 1.6% w-o-w
Eastside: 129 pending last week, up 18.5% w-o-w
Eye candy
$4M Bellevue modern
Eye candy <$1M
Check out last week’s market update, See how busy homes buyers are ahead of the election
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