Seattle weekly wrap-up: signs of life in the condo market
366 new listings hit the market in Seattle last week giving buyers some relief, but bidding wars are still fierce. Not as fierce as the Eastside where buyers are frustrated that they’re seeing fewer new listings than in previous years (yes we’re starting to cover the Eastside more!). How crazy are things? This Mercer Island home sold for 37% over asking.
What might put a damper on the market is rising interest rates with the 30-year fixed now just over 3%, well above its 2.65% lows, but still quite reasonable. So far we haven’t heard from any buyers pulling back as a result of rates.
We were surprised to get into a bidding war for a condo last week! It wasn’t a crazy one but did illustrate that reasonably priced condos will sell quickly, possibly a little over list price. While we didn’t win that condo, our client is now under contract on a condo for $705k that sold in 2018 for $850k. We also heard the Emerald had put 5 units under contract while Spire put 4. With the vaccine rollout accelerating, there appears to finally be a light at the end of the tunnel for condos but it will be some time, likely years before it recovers to 2018 pricing.