🏠Is Seattle “Cooked”?

🌧️ Rain, Real Estate, and Resilience

I was tempted to headline this week’s update “Is Seattle cooked?” but we’ve long steered clear of politics here, and we’re sticking to that! Headlines aside, the ground-level reality is quite different: we have new clients reaching out every week who are genuinely excited to call the PNW home.

While migration has slowed from its peak, the pull of the PNW remains strong, even with all this rain 😂.

The “Listing Surge” is Coming

This weather hasn’t just been a mood dampener; it’s a logistical challenge for those of us prepping homes for the market. Between waiting for dry windows for exterior paint jobs and yard prep, there’s a bit of a backlog. Expect a surge of new listings the moment the clouds finally break. But we do have some great eye candy below!

April Spotlight: Eastside Condos

Keep your eyes on the Eastside next month. It’s shaping up to be a massive window for new construction Eastside condo buyers:

• Park Row (Bellevue): Rumor has it that the sales center will finally open to the public.
• Central Peak (Kirkland): Also slated to open its doors in April.

What are we seeing on the ground?

• The Condo Struggle: Some units are sitting so long it feels like we can’t give them away, tough news for sellers in that space right now.
• The SFH Surge: On the flip side, well-located single-family homes are still being bid up to truly eye-watering levels.
• The Strategy Gap: A note to my fellow agents “trust the process.” Setting and sticking to offer deadlines works; those who do are often the ones seeing the competitive results mentioned above. Those who don’t just drive the rest of us crazy.

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🏠 Listings that caught our eye last week

• Most expensive pending: Yarrow Point waterfront at $8.5M
• Highest % over asking sale: Loyal Heights craftsman for 41% over
• Most expensive sale: Broadmoor estate by Stuart Silk for $9.4M
• Most popular Seattle listing on Redfin: Queen Anne four-square for $998K (already pending!)

📰 Must-read real estate news

• Microsoft’s return-to-office policy creates a return to slower commutes, traffic analysis shows (Geek Wire)
• Mortgage rates rise as Iran ripples through financial markets (NYT)
• Senate passes bipartisan housing bill targeting large investors and easing regulations (NPR)
• WA lawmakers roll back estate tax hike amid wealth exodus fears (Seattle Times)
• Madison Park ‘Glass Gallery House’ lands buyer within a week (PSBJ)
• Insurance rates squeeze Seattle Apartment owners (PSBJ)
• Townhomes on Millionaire’s row? Appeal dropped over redevelopment value of 14th Ave E landmarked house (X)
• Which states WA newcomers have moved from (Seattle Times)

👀 Sellers pump the brakes

Seattle: 335 new listings last week, down 5.1% w-o-w
Eastside: 270 new listings last week, down 15.9% w-o-w

Seattle: 207 pending last week, up 3% w-o-w
Eastside: 146 pending last week, up 11.4% w-o-w

🔥 The hottest new listings

$7.2 Magnolia modern by Chadbourne + Doss

$4.5M Vuecrest NW modern

$2.4M Capitol Hill gothic at the Sanctuary

$2.1M Mercer Island NW contemporary

Check out last week’s market update, Good news for buyers, a reality check for sellers

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