🏠 37% Over Asking?! The Q1 Seattle Madness
Welcome back from mid-winter break! Now that the kids are back in school, it’s officially “Go Time” for Seattle real estate.
The Single-Family Surge
Being a buyer over the last two months has been brutal. We just had clients lose out on a home yesterday. It was listed at $1M, received 16 offers, and is pending at roughly 37% over asking.
We’re telling these buyers to hang in there. While competition will remain, the “early-bird crazies” willing to pay 20-40% premiums usually buy a home in Q1 and are no longer your competition. Plus, as inventory increases, you’ll see multiple quality options in prime neighborhoods at the same time, which will naturally de-escalate things.
The Condo Conundrum
On the flip side, we’ve been working with many condo sellers, and that market is a different world. Last week, there were 330 condos for sale in and around downtown, yet only 18 went pending.
We’re hopeful that a return to the office, the I-5 mess, and the World Cup city cleanup will spark interest. However, with mortgage rates still hovering in the high 5s, the “math” for condos is tough. For condos to sell, we likely need a combination of lower rates and rising rents to make buying a condo more attractive than renting.
Too good not to share
- The “Mover” Special: If you’re looking for a project, a 6,230-square-foot Lake Washington mansion is available for just $700K (last listed at $8.5M!), with one catch: you have to move the house. But the price includes delivery! I’ve searched for a low-bank lot wide enough to accommodate it in the Puget Sound and came up empty. Hit reply if you know of a spot where this could land.
- The Escala Reality Check: Remember that Escala penthouse we toured on YouTube? The one the seller bought for $9M and sank $5M into remodeling? It just closed for $6.6M. For context, the original buyer paid $6M back in 2010.
- U-District Rare Find: We just listed a condo for $250K in the U-District that actually allows Airbnb. This is incredibly rare, as the vast majority of condos have strict short-term rental bans.
Our latest Video
Listings that caught our eye last week
- Most expensive pending: Mercer Island west-facing waterfront at $10M
- Highest % over asking sale: Fremont craftsman for 35% over
- Most expensive sale: Laurelhurst waterfront Tudor for $9.3M
- Most popular Seattle listing on Redfin: Victory Heights rambler for $776K (already pending!)
Must-read real estate news
- Downtown Bellevue office market draws AI heavyweights and startups (PSBJ)
- Investor plans 172 townhomes near Microsoft campus (PSBJ)
- Opportunity Zones 2.0 is coming. How did the first version affect Seattle-area home values? (PSBJ)
- Mariners starter offloads $3.58M Issaquah home ahead of 2026 season (PSBJ)
- Microsoft President Brad Smith addresses stricter RTO policy (PSBJ)
- Have you rented or tried to rent a Seattle single-family home? Tell us (Seattle Times)
Surprisingly, no slowdown for mid-winter break!
Seattle: 318 new listings last week, up 13.6% w-o-w
Eastside: 211 new listings last week, down 5.8% w-o-w
Seattle: 207 pending last week, up 16.3% w-o-w
Eastside: 108 pending last week, up 11.3% w-o-w
Check out last week’s market update, Seattle slowed down, but the Eastside didn’t get the memo
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