Seattle weekly wrap-up: new listings up 16%, median price for homes cools
I was surprised to see that new listings increased 16% week-over-week giving buyers some selection at a time when their options are usually declining… I don’t expect we’ll see that happen again though so buyers, enjoy the selection while it lasts.
Though the big news this past week is that the median price for single-family homes and townhomes continued to cool declining from a high of $893,500 in May to $831,000 for September. This isn’t surprising as prices typically peak in the spring/early summer and cool off in the back half of the year. And of course, while the median price is down, our experience writing offers day in and day out is that the market is still very competitive for good homes. Here’s a little case study at a Ballard townhouse complex to show how much prices have moved up in a year.
Meanwhile, condo prices continue to bounce around the price they’ve been at for a while. Once workers return to the office, prices will likely go up. And medium term, given the amount of office space leasing in the Seattle market, despite Amazon’s announcement yesterday, we expect residential prices to increase across the board.
Hot listings – a Portage Bay floating home, a resale at Lee Street Lofts, a Capitol Hill home with a pool, a remodeled NW contemporary in Magnolia, though my fave is this midcentury on the Eastside. WOW.