Buyers snatch up homes over spring break as rates climb
The local public schools were off last week for spring break, which slowed down new listings 5% w-o-w on the Eastside and 7% w-o-w in Seattle, but buyers who stuck around were busy! Seattle buyers put 240 homes under contract, way up from the week before (see below) and this was as mortgage rates went from 7% at the beginning of last week to ending the week at 7.3% to 7.5% today (ouch!).
With spring break behind us, expect a solid month of new listings before the next slowdown, the Memorial Day long weekend. And with this nice weather, you should join us on the water; last week we listed our (old) floating home.
P.S. We’ve donated many fun items to our local public school’s auction. Check out the silent auction, you could win a summer boat day with us! Or join us in person on Saturday to win a Kraken Zamboni ride, Olivia Rodrigo tickets, and more.
Links
- Victor Steinbrueck’s (old) home sells for $200k over asking
- 1 in 5 Seattle-area homes bought with cash in Q4-23
Sellers slow down on new listings for Spring Break
Seattle: 299 new listings last week, down 7.4% w-o-w
Eastside: 185 new listings last week, down 5.1% w-o-w
Buyers did not slow down for Spring Break!
Seattle: 240 pending last week, up 12.2% w-o-w
Eastside: 162 pending last week, up 1.3% w-o-w
Eye candy
$5.3m re-list of a modern in Washington Park
Keeping reading
Check out last week’s market update, See how much prices are up from last March (and did you see rates today?)
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