The market is slowing – but here’s the home with 28 offers last week
We’re surprised buyer activity the last two weeks has been roughly equal to the week after the Memorial Day slowdown. Normally we see buyer interest mostly rebound, then taper off as we enter July and August. But this year, buyer interest hasn’t rebounded at all (see the graph below – homes going pending by week). So we continue to believe the market will become increasingly challenging for sellers but there will be more opportunities for buyers; except for buyers looking for a single-family home under $1m Here are a few sub $1m anecdotes from last week – our new Whittier Heights listing at $899k has been busy, this $700k QA home had 7 offers and this $625k Greenwood craftsman had 28 offers!
Links
- Audit shows Seattle’s house and small building rental market is dwindling, down 19% in five years (CHS)
- US mortgage rate history: 1970’s to 2024 (Wealthvieu)
- Branding guru seeks buyer for North Seattle custom-built home (PSBJ)
Sellers are still busy with new listings
Seattle: 362 new listings last week, up 4.3% w-o-w
Eastside: 230 new listings last week, down 7.6% w-o-w
Where are the buyers?
Seattle: 165 pending last week, flat w-o-w
Eastside: 157 pending last week, up 17.2% w-o-w
Eye candy
$2.75 Mercer Island midcentury modern
$1.9m downtown penthouse designed by Pulp Studios
$1.6m Bainbridge Island modern remodel
Eye Candy <$1m
$850K Jackson Park midcentury modern
Check out last week’s market update, How nervous should sellers be right now?
And don’t miss our next update, sign up for our weekly newsletter.
