Seattle weekly wrap-up: Happy New Year!

Happy New Year!

Seattle real estate was not surprisingly very quiet during the last week of 2022. Just 23 new listings hit the market and buyers put only 48 homes under contract making it the slowest week of the year and the slowest week of all the years we have data for. 

Given tonight’s news about 18,000 layoffs at Amazon starting January 18th it looks like 2023 is going to have a slow start as Amazon-employed buyers are likely hitting pause until they know if they were laid off or not. We also expect many sellers who were planning to list in January to delay listing until February or March, waiting until after the dust has settled. As for the median price of a home in Seattle, looking at the early sales data for December, the median price in Seattle has declined over 12% from its all-time high this spring. We expect to see at least another month or two of price declines bringing us 15-18% off of peak. Though given the Amazon news, it certainly could be more than that. Looking for more hot takes on the market? Check out yesterday’s Seattle Times article, Seattle home prices will likely fall in 2023.

Thanks again to everyone who contributed to our Mary’s Place fundraiser. With your generous donations and our match, we raised just over $8,500. Wow! And if you’re curious, here’s a look back at the wide variety of homes we helped our clients buy and sell last year.