Seattle’s new median price is eye watering at these rates
Seattle’s median price for a single-family home hit $960k last month which blows my mind! Mortgage rates are in the low 7s, yet prices are shy of the all-time high of $1m we saw in April 2022 when rates were lower (they were moving from the 4s to the 5s.) What’s this doing to monthly payments? The monthly payment for a Seattle SFH home is up 68% in three years.
What about condos? There were 168 downtown (resale) condos for sale at the end of April while only 29 went pending in April. So it could be a good time to be a condo buyer if you can stomach the monthly payment, but it is certainly a tough time to be a condo seller.
We don’t have data on the waterfront market, but anecdotally, if you’re looking for a waterfront mansion, now is the time! There are a lot of options. See the latest one to hit the market below, wow!
In terms of weekly activity – expect this week to be reasonably busy for new listings but then next week to be slow as sellers hold off listing ahead of the Memorial Day long weekend.
Links
- 9 offers. 6 out of the 9 escalated over $1.2m and it’s going to close closer to $1.3m
- Where are Seattle’s first-time home buyers? Some are leaving town (Seattle Times)
- Hunts Point home hits market for first time in 62 years (Seattle Times)
- Mercer Island mansion sells 10 years after it was first listed (PSBJ)
- Seahawks head coach linked to Redmond mansion purchase (PSBJ)
New listings cool in Seattle, heat up on Eastside
Seattle: 308 new listings last week, down 14.68% w-o-w
Eastside: 267 new listings last week, up 13.14% w-o-w
Eastside buyers are looking
Seattle: 213 pending past week, down 14.80% w-o-w
Eastside: 192 pending last week, up 17.07% w-o-w
Eye candy
$3.25m Mercer Island contemporary by Charles L. Martin
$1.8m Surrey Downs midcentury modern
$1.4m Leschi David Lawrence Gray Contemporary
Check out last week’s market update, Rates ease, Seattle buyers were BUSY
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