Seattle weekly wrap-up: rates drop to 6.57%
![](https://www.urbnlivn.com/wp-content/uploads/2023/03/2023-Week-10-New-listings.png)
Wild weekend with some bank turmoil and a time change!
After a big jump in new listings the week before, this past week we saw 11% fewer new listings. So we’re continuing to see far fewer new listings at this time of the year than we’d expect; we’d normally see 300 new listings this week, not 205! It is likely this low inventory that has seemly stabilized the single-family home median price 20% below its peak set in April and May last year and is leading to bidding wars on many single-family homes. As a result of this anemic amount of new listings we’re telling our buyer clients to be patient and urging our sellers to get on the market sooner rather than later!
![](https://www.urbnlivn.com/wp-content/uploads/2023/03/Seattle_-number-of-homes-going-pending-per-week-47-1024x641.png)
As for buyers, they put 184 homes under contract last week, up 4% week-over-week. And if those buyers waited until today to lock their rate, they’re in luck; as of Thursday the 30-year fixed was at 7% and today it has dropped to 6.57%!
What caught our eye? The relisting of this $3.85m remodeled Magnolia waterfront, a 1977 contemporary in Cedar Park and a midcentury rambler already pending with 6 offers.
Matt