Seattle weekly wrap-up: mortgage rates hit 4%
This week everyone has been talking about the Seattle Times article on the Eastside, Prosperity bomb 2.0? Bellevue passes Manhattan in housing prices. And keep in mind that is based on December data. When you look at the January data, Bellevue’s median price is now nearly $1m and more than double Seattle’s. There has definitely been a flight to the Eastside…
However, mortgage rates have quickly climbed to 4%, a high we haven’t seen since May 2019 and a big jump from the 2.83% we saw in August. This jump could very well put a damper on some buyers’ plans this spring as it impacts their spending power. It’ll certainly affect the second home market where we hear rates are around 5%.
New listings were up just 2% week-over-week. Buyers hang in there, once we get past Seattle Public School’s mid-winter break and President’s Day, we’ll start to see more inventory.
What caught our eye of those 287 listings? For starters, we listed a great Wallingford Tudor and a stand-alone newer home. But also lots of mid centuries caught our eye! Like a remodeled one in Shorewood for $1.25m, one for $1.695 in North Beach with a pool, a $1.65m in Lake Forest Park, and this one-owner in Mercer Island went pending ahead of its deadline. This 1978, but just remodeled, waterfront Magnolia home also caught our eye. The Hobbit House floating home also hit the market, but our buyers pounced on it and it is now pending.
On the blog, we took a look at the new construction pipeline for Seattle and Bellevue. As well as Seattle single-family home pricing, condo pricing and Bellevue’s single-family home pricing and condo pricing.
Enjoy the sun and football day!