Seattle weekly wrap-up: new listings continue to slow, buyers still very active
Is the market cooling is the question many are asking. The Seattle Times seems to think so in their report on the market, Seattle’s housing market is cooling — but that doesn’t mean it’s affordable and we’ve certainly written about the summer slowdown. However, the answer to that question is nuanced; new listings are slowing as they typically do in August. This means buyers have fewer listings to choose from (only 263 new listings in Seattle his week) as sellers assume buyers are on vacation this month and will likely wait until after Labor Day to list their homes. Though what we’re finding from writing offers day in and day out is that many buyers are still active (305 homes went under contract last week) and we’re still seeing many bidding wars. We even got into a bidding war on a new construction condo Friday! It will be interesting to see if Amazon’s delay in returning to offices cools the condo market or not.
As new listings slowed I was surprised at how many NW contemporary homes caught our eye this week. My fave was this NW contemporary waterfront in Burien, already pending. Still active, this amazing $1.25m NW contemporary in Mount Baker, a $2.7m one on Mercer Island, this $2.6m Mercer Island one, and only $900k for this one in Federal Way.
We’re also digging this modern waterfront on Bainbridge and this listing in Magnolia is for both a NW contemporary and a craftsman on one lot.