See how many homes are selling over asking price
Over 40% of new listings in Seattle this past week had offer review deadlines. Meanwhile, on the Eastside more than 50% had them! (This $2m Kirkland home had 10 offers on it last week!) Are sellers being aspirational or are homes selling for more than asking?
Looking at single-family home sales for the last 30 days in King County, 45% sold for over asking. 23% sold for asking and 30% sold at a discount. So no, sellers aren’t being aspirational, the market is hotter than it is cold. But inventory is up, more homes are hitting the market than buyers are buying and I expect some relief is likely on the way for frustrated buyers.
As for condos? We’re helping our third buyer at Nexus this year and just negotiated a 6% discount off their last top-floor penthouse which in 2020 was listed for $2.4m and will now sell for $1.3m-ish ?.
Need help winning a bidding war on a house or negotiating a deal on a condo? Just hit reply.
P.S. Our next home-buying class is on April 9
New listings slow slightly
Seattle: 273 new listings last week, down 3.5% w-o-w
Eastside: 209 new listings last week, down 2% w-o-w
Will buyers absorb all these new listings?
Seattle: 201 pending last week, flat w-o-w
Eastside: 165 pending last week, up 3% w-o-w
Buyers, be patient; sellers, let’s go!
Buyers: buyers should be patient, the home-buying season is still just getting started, and you still have lots of time to find your dream home.
Sellers: you should list sooner rather than later to take advantage of low competition from other sellers and seemingly many eager buyers.
Eye candy
$15m new construction in Medina (not waterfront)
$2m Magnolia midcentury (pending 48 hours!)
Keeping reading
Check out last week’s market update, See the Woodinville home with 30 offers last week.
