Inventory and price reductions hit a high for the year
We’ve talked to many would-be-home sellers about pricing over the last week. What makes pricing conversations challenging right now is that last week the number of homes for sale hit another high for the year and nearly 9% of those homes had price reductions. Meanwhile, rates are stuck above 7%. This is likely just the usual seasonal slowdown but it is still a good reminder that you usually want to sell earlier in the year rather than later. And for buyers, it is better to hold off on buying.
But enough about our likely slowing market! The forecast for the Fourth of July and this weekend looks great! Now is the time to get on the lake; it is no surprise that we’re showing three clients places on the water this week.
Links
- WA program to help first-time homebuyers with history of discrimination (Seattle Times)
- Former GE executive buys mansion in Medina (PSBJ)
- Former corporate execs list Bellevue Waterfront home at $5.8 million (PSBJ)
- An Orcas Island Home Was the Dream. Here’s How They Made It a Reality. (NYT)
- Home builder pays $29 million for downtown Woodinville property (PSBJ)
- Sidewalks top of mind for Seattle’s priciest-ever transportation levy (Seattle Times)
New listings by week
Seattle: 306 new listings last week, down 12.6% w-o-w
Eastside: 246 new listings last week, up 13.9% w-o-w
Homes going pending by week
Seattle: 208 pending last week, up 4% w-o-w
Eastside: 176 pending last week, up 25.7% w-o-w
Eye candy
$14.1m Medina craftsman renovation by Toth Construction
$2.85m Bainbridge Island modern
$1.05m Victory Heights midcentury modern
Eye candy <$1m
$980K Lake City midcentury modern
Check out last week’s market update, Summer is here, what does that mean for real estate?
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