Seattle weekly wrap-up: new listings slowing, pendings recover
New listings slowed this past week, while homes going under contract recovered from the Memorial long weekend slump.
But the big news this week is that the numbers for May are out and the median price for a single-family home hit a new all-time high of $890k. It feels risky for me to say this as inventory declined in May when it should have increased, but I expect the median price to start coming down in the back half of this year; this year has felt a lot like 2018… Meanwhile, the condo market saw the median price decline to $470,000. Condo prices have basically been flat for a couple of years and are still off their 2018 peak. But interest is picking up as a lot of buyers these last three months have put condos under contract.
Speaking of condos. We checked in on all the new construction projects. Spire is leading the pack with 37 under contract since the beginning of the year meanwhile Gridiron is still trying to sell out after 6 years. If you have any gossip on Seattle House, Shoresmith, or any other projects, let me know :).
Two great waterfront homes hit the market this week. The first a midcentury in Magnolia’s Salmon Bay for $3m. The other a $6m home on the north end of Mercer Island. The other don’t miss home is a Paul Hayden Kirk on the Eastside. Speaking of Paul Hayden Kirk, I just got Dale’s book on him in the mail. A must-have for midcentury real estate fans. And don’t miss this great, totally remodeled home at the The Gables Co-Op we just listed.
Our getaway pick of the week is this new place at Snoqualmie Pass.