Seattle weekly wrap-up: wild week for rates
Wild week! The week ended with the 30-year fixed climbing to 6.7% and the stock market was down again. Likely, as a result, the number of homes going under contract in Seattle was down nearly 8% week-over-week when we would have expected it to be up given the high number of new listings the week before. Anecdotally, we saw a $7.5m waterfront home come back on the market days before it was set to close because the buyer got cold feet over selling stocks to fund the purchase. But on the other hand, we had clients get outbid on a DADU in Frelard that likely went 5% over asking. We also heard of another Frelard home that ended up with 9 offers, 5 of those offers were cash.
As for new listings, we saw 307 new listings last week, down 20% week-over-week, putting us back on the 2019 trend, the year that 2022 most closely resembles in terms of listing activity. 40 of those new listings had offer reviews and of the 1,780 listings on the market, 183 did price reductions last week.
Of those new listings what caught our eye? A lot of contemporaries this week! To start, a $5.2m one in Madrona, a NW treehouse in Wedgwood, a $1.7m in Leschi, and here’s a project one on 118 acres in Snohomish. Or if you want a new home check out this new Dwell home in Seward Park,
Curious about the views and progress at Avenue Bellevue? We recently got a hard hat tour and shot a YouTube video so you can see the actual views from both towers.
While in Bellevue we also checked in on Mari Bellevue’s progress, whose sales we hear are likely to start in the spring of 2023.
Back in Seattle, the Graystone launched a “homebuyer assurance program”.
Don’t forget, our next home buying class is October 6th.
