New listings and inventory sky rocket
The big news last week was mortgage rates dipped below 7 for the first time in months; as of today, buyers are looking at 6.84%, a welcome relief from the 7s we’ve seen most of this year.
The big local news last week is we saw nearly 400 new listings hit the market in Seattle and almost 275 on the Eastside! We expected a lot of new listings after sellers recovered from the Fourth of July break but we weren’t expecting to see that many. This burst of new listings sent the number of homes for sale to a new high for the year. We expect the number of homes for sale to continue to increase for a of couple months giving buyers more options, at likely better pricing.
Links
- Long awaited Intercontinental hotel in Bellevue nears open (PSBJ)
- Seattle City Light rates to increase as utility struggles with supply, demand (Seattle Times)
- Spire adds robotic car charging
New listings skyrocket after 4th of July slowdown
Seattle: 337 new listings last week, up 266% w-o-w
Eastside: 267 new listings last week, up 97.8% w-o-w
4th of July slowdown slowed buyers
Seattle: 178 pending last week, down 24.7% w-o-w
Eastside: 101 pending last week, down 45.1% w-o-w
Eye candy
$5m Mercer Island waterfront cottage
$4.2 Madison Park modern by Christopher Wright
$2.3m View Ridge midcentury modern
Check out last week’s market update, Median prices decline for second month in a row
And don’t miss our next update, sign up for our weekly newsletter.
