Seattle weekly wrap-up: 29% of listings have been price reduced
We saw a huge 56% drop in new listings in Seattle, seeing just 195 new ones, as sellers take a break for the long weekend. Meanwhile, buyers put 230 homes under contract and the 30-year fixed rate is down to 5.50% (though a 30-year jumbo is “only” 4.75%).
The second half of 2022 is going to look a lot different than the first! Things have changed!
We started 2022 with rates at 3.41% and nearly every home had an insane bidding war. For the second half, we’re starting with much higher rates, don’t anticipate many bidding wars (21% of new listings last week had an offer deadline), inventory will increase and sellers will need to get more realistic (29% of active listings have had a price reduction.)
For a slow week, there were still two hot new listings in Seattle like this brand new $3.75m home in Leschi and a $2.65m modern home in Montlake.
Need a getaway for long weekends? I stumbled upon a $300k geodesic dome. Or here’s a $2m low-bank contemporary on Whidbey. Or build your own modern cabin at Snoqualmie Pass (word is that building costs are $400/square foot on the Pass right now).
Happy Fourth of July! (And happy belated Canada Day to my fellow Canadians.)
P.S. That amazing Orcas home is being sold so the sellers can spend more time on their Orcas farm. (More houses more problems!)
