Seattle weekly wrap-up: everyone hits the brakes

Thanks to rates hitting 8% buyers and sellers both really hit the brakes hard last week – we saw just 187 new listings in Seattle last week, down 10% week-over-week. Meanwhile, Seattle buyers put just 128 homes under contract, down 12% week-over-week. I suspect we’re going to see many sellers pull the plug on their listings over the next week or two as buyers wait to see what 2024 brings.

While I expect the rest of the year to be quiet, we were busy last week! We helped sellers close at the Mallard Cove Townhomes and on a Capitol Hill view condo, and handed off keys at Lumen to a buyer. We also toured nearly all the new condo buildings with clients in from Denver who marveled just how far $1m goes for a new condo in Seattle.

A couple of those new listings did catch our eye – the waterfront Magnolia treehouse on Perkins Lane is back on the market! This time for $230k. Years ago I hiked out to it.