Seattle weekly wrap-up: new listings are back, for now.
After taking the week off leading up to the fourth of July, sellers were back this week putting 386 new listings on the market in Seattle. I suspect this year will be more like 2019 than 2020, so expect that new listings will decline from here until the end of August. But don’t despair, we’ll see a nice bump after Labor Day.
Buyers took a break this past week putting just a few homes under contract due to the lack of inventory the week before, though our clients were certainly busy this week and weekend touring new listings. Fortunately for buyers, rates are moving down.
The big news this week is that the numbers for June are out and at least for the city of Seattle, they don’t jive with the Seattle Times headline, Seattle-area home shoppers find some signs of hope — but prices are climbing at a daunting pace, as the median price for single-family homes declined to $880,000 from $893,500 in May. Though prices are still very high compared to this time last year or the year before – I do expect the median price to trend downwards for the remainder of the year. On the other hand, the median price for condos moved up, a trend I expect to continue. Speaking of condos, Shoresmith in SLU has started sales and we’ll be getting our first look Monday.
Hot listings this week? Our fave is this $2.75m Ralph Anderson! Well, tied with that would be this historic $2.4m floating home. We also like this contemporary home near Green Lake and this Dwell-inspired modern farmhouse in South Seattle. Loft fans, don’t miss this Belltown loft or this Capitol Hill live/work.