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Weekly Wrap-up: New Listings Way Down, Offers Still Competitive

By July 3, 2017

Market Report

We had a crazy week, we wrote 9 offers! And then flew to Italy on Saturday :).

Our takeaway was that for listings that hit the market for the week of June 18th to the 24th, so sellers trying to get their home listed and pending before the summer slowdown, things were still very competitive with buyers knowing this was the last surge of new listings.

Not surprisingly there were almost no new listings this week so we’re not expecting to write many offers this coming week. (Though savvy buyers will try and pounce on listings that didn’t get an offer by their offer deadline.) In fact, it was the least amount of new listings in a week so far this year. The summer slowdown is officially here.

War stories

  • QA condo: listed at $297k, 4 offers, we were in third place with a $341k cash offer
  • First Hill condo: we had offered and lost on this when it first hit the market a few weeks ago. It came back on this past week and sounds like they took a fast-closing all cash offer.
  • Capitol Hill 2 bedroom: offered 11% over, we were in the middle of the pack of 9 offers
  • Judkins townhome: offered $675k on a $585k townhome in Judkins. Went above $700k with 10 offers.
  • Pinehurst mid-century modern: offered 10% over. 4 offers. Didn’t get it.

We also tried offering ahead of the offer deadline on a Queen Anne condo but they didn’t take our above asking offer, preferring to wait until their deadline on the 5th.

For two places that had been on the market about two weeks each, we tried offering slightly below list price but the sellers were holding firm, even though the market had clearly spoken and showed them their homes were over priced.

And finally we were successful on a great Queen Anne condo that hit the market and surprisingly got no offers on its offer deadline and we were able to get it a little below list price a few days later.

Other things of note

  • This townhome was purchased brand new last year for $915,000 and just sold for $1,149,000. Never lived in.
  • This Wallingford home got 11 offers and went a little under $700k

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I’m the founder and managing broker of Urban Living. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

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