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Weekly wrap-up: pendings back to last years levels

By May 24, 2020

Market Report

The big news this week is that MLS-wide the number of buyers under contract this week was just about the same as the same week last year. And the kicker is that prices are higher than last year due to fewer homes for sale right now. However, in Seattle, the number of buyers is still less than last year while listings are up compared to this week last year (likely because sellers don’t believe buyers are on vacation this weekend.)

NWMLS wide
NWMLS wide

The other big news is many tech companies are likely to make working from home a permanent change. This will result in long-term changes to both our residential and commercial real estate scenes, many of which are hard to anticipate now. Though I don’t believe we’ll see a mass exodus out of Seattle but do think we’ll see demand for larger spaces that accommodate working from home; good luck trying to work from home in a 500 square foot one-bedroom condo or if you’re a working couple you need a home with not one, but two offices.

In condo news, the condo->apartment->condo conversion the Goodwin has started marketing while Nexus imposes a rental cap

What caught our eye? An opulent Mercer Island mid-century, a totally unique PNW 60s home also on Mercer Island and a large Clyde Hill mid-century modern. Also a huge classic Pioneer Square loft, an amazing townhome that is already pending and the projects that Hybrid has in the works

Happy staycation-long-weekend as we remember those who served,

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.

Get in touch to:

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Contact:

206-618-1600