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Home / Market Report / Seattle weekly wrap-up: May data doesn’t show cooling, but June’s will

Seattle weekly wrap-up: May data doesn’t show cooling, but June’s will

By June 11, 2022

Market Report

No signs of cooling in the May data that just came out – Seattle’s single-family home median price is still at an all-time high of $1m and the median price of a Seattle condo set a new all-time high of $529k (after languishing for years). However, these prices are mostly based on listings that went pending in April, so don’t be fooled, the cooling is coming (it has on the Eastside) – seasonality is about to kick in, rates ended the week at 5.85% and we found sellers this week willing to negotiate when a couple of months ago they wouldn’t have (a client of ours scored a place for 4.5% off list this week). However, great homes, in great locations, are still attracting multiple offers – there are still many buyers in Seattle.

Buyers had a lot of new listings to choose from this past week – 419, making it the third busiest week of the year. Though the number I’m paying the most attention to is how many homes buyers are putting under contract each week and it was just 265 last week. So many more homes are hitting the market than are going pending.

Some cool custom contemporaries this week – like this $3m one in Mount Baker or this $3m Queen Anne one. Prefer a new home? How about this $2.7m one in Leschi or this $3m one in Magnolia. Rather build? Here’s a shovel-ready $4m parcel in Washington Park. Though for $4m you could buy a vacant Lake Washington waterfront lot (not shovel ready though). Speaking of building, we’re two weeks away from moving back into our floating home (the one had the fire…) Loft fans, don’t miss this top-floor home at Trace.

Though the listing of the week is this $20m Henry Island estate, wow!

Thinking of buying this year or next? Join us at our next home buying class on June 23rd via Zoom.

I’m the founder and managing broker of Urban Living. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

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