Seattle weekly wrap-up: new listings down 44% ahead of long weekend

New listings slowed down a lot this week ahead of the long weekend but buyers were busy putting 316 listings under contract (this is up 15% week-over-week, see chart below). While the market is slowing (we’re seeing lots of price reductions!) it can still be competitive. For instance we had a client who had to compete to win this NE Seattle home (but seemed to pay a lot less for it than had it been listed a couple months earlier) and another client had to compete to win this amazing Monique Lofts penthouse. Meanwhile we had a client lose out on a lower Queen Anne condo.

Mortgage rates finished the week at 5.25%, though we saw Wells was offering a 30-year fixed at 5% yesterday.

Of the 250 new listings there were few good ones. What caught our eye was a Olympic Hills midcentury with the same owner for 56 years (with so much original goodness!), a 19th Ave Loft, and a funky cabin on Camano. And don’t miss the land we listed on Perkins Lane. It is a great opportunity to build a smaller modern cabin with an amazing view for those who like a challenge.

For fun – the NYT dug into real estate marketing remarks; we’re guilty of a few of these!