🏠8-9 Months of Supply vs. $4,000/sq ft: The Great Condo Divide
Last week, we focused on single-family homes, but this week, condos take center stage.
Before we dive into the data, I want to address a concern I’ve heard from several buyers this week: “Did I miss my chance for this season?”
If past cycles are any indication, the answer is a resounding no. Historically, some of the busiest weeks for new listings are still ahead of us in May and June. Plus, keep in mind that inventory in the Seattle area generally doesn’t peak until September. If you haven’t found “the one” yet, the best may still be to come.
Seattle Condos: A Seller’s Test of Patience
The Seattle condo market is currently a study in supply and demand. We are seeing roughly three new listings hit the market every day, while only one goes pending.
This has pushed our “months of supply” to 9 months.
- The Context: This is the highest level we’ve seen since the brief COVID-19 spike of 10 months in 2020.
- The Reality: It is an undeniably frustrating time to be a seller or a listing agent (trust us, we have several live right now!).
- The Silver Lining: For buyers, the “opportunity” door is wide open. The big question we’re being asked is: Are we at the bottom, or is there more room for prices to soften? 🤷♂️
Eastside Luxury: Record Supply vs. High-End Heat
Bellevue is seeing its own records with nearly 8 months of supply, the highest in over a decade. Yet the high end plays by a completely different set of rules.
- Park Row (Bellevue): Their private sales event kicked off with serious momentum. This is likely the most expensive condo project the region has ever seen. While they aren’t public about pricing, we estimate units are moving for $1,500 to $4,000+ per square foot. * Team Win: We just helped a client get under contract yesterday on a stunning 18th-floor NE corner unit!
- Central Peak (Kirkland): Meanwhile, reservations have quietly begun in Kirkland. We currently have a buyer eyeing one of the 26 homes here. Pricing is in a more “approachable” luxury range of $1,130 to $1,800 per square foot.
We have extensive info on the floor plans and finishes at both Park Row and Central Peak. Hit reply if you want the full download
Listing Highlights: From Underwater Basements to Greenbelts
We’ve been busy prepping two incredibly unique properties this week:
- The Westlake Floating Home: We just listed the largest floating home in Westlake. The “wow” factor is the rare underwater basement with 9-foot ceilings. But for me? The real kicker is the two 40’ boat slips—a total rarity for the lake.
- The Renton Retreat: This move-in-ready home backs up to a lush, private greenbelt, perfect for those seeking peace and quiet. Plus, you’ve got a golf course practically in your backyard!
🏠 Just Listed: Largest Floating Home in Westlake
The largest floating home in Westlake for $2.75M
🏠 Listings that caught our eye last week
- 🏠 Listings that caught our eye last week
- Most expensive pending: West Bellevue modern at $10M
- Highest % over asking sale: Ballard home for 23% over
- Most expensive sale: Mercer Island waterfront for $15.85M
- Least expensive sale: U District condo for $176K
- Most popular Seattle listing on Redfin: Madrona Drive Arts and Crafts for $1.45M
📰 Must-read real estate news
- King county’s housing market is ‘looking pretty bad’ (Seattle Times)
- Homebuyers flock to a Goldilocks suburb north of Seattle (Seattle Times)
New Listings Dip For Mother’s Day
Seattle: 384 new listings last week, down 6.8% w-o-w
Eastside: 298 new listings last week, down 7.4 w-o-w
Last Week Was Busy For Seattle Buyers
Seattle: 227 pending last week, up 4.6% w-o-w
Eastside: 141 pending last week, down 3.4% w-o-w
🔥 The hottest new listings
$11.5M Clyde Hill contemporary by McCullough Architects
$3.5M Downtown penthouse at Mosler Lofts
$1.97M Pioneer Square penthouse
$1.8M West Seattle NW contemporary
$1.7M Broadview NW contemporary
Check out last week’s market update, Seattle Housing Inventory Hits a 10-Year High
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