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Home / Market Report / Weekly wrap-up: slow week, but one home still got 34 offers

Weekly wrap-up: slow week, but one home still got 34 offers

By July 6, 2020

Market Report

Hope everyone had a great long weekend! Not surprisingly new listings slowed down considerably, we only saw 231 versus the 412 we saw the week prior. The number of homes going under contract also slowed, but less so.

Buoying buyers is Amazon’s stock setting new records and historically low interest rates. Also the numbers for June are out so we’ll do a deep dive on them Wednesday at 4pm on Zoom.

How crazy are buyers? We heard a Phinney Ridge home listed at $899k had 34 offers and went for $1.3m, which would make it the second highest sale price to listing price this year. The one to beat is this home that sold for 57% over after receiving 34 offers. We also saw a community in Bellevue’s Newport where 7 new construction homes priced at ~$1.65m went pending in a week (we work the Eastside too!).

The hot new listings this week were a three level Pioneer Square loft, a custom contemporary on Queen Anne, a Magnolia contemporary already pending, a Ralph Anderson in Broadmoor, and a $2.5m View Ridge home.

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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