Seattle weekly wrap-up: buyer activity feels a lot like fall 2018
With last week ending the week with rates at 7.32%, 162 buyers went under contract in Seattle, down about 6% week-over-week but down 57% year-over-year. Is the sky falling? Compared to the last two years, yes, but those were unusual years! For a while, it seemed as though the second half of this year was going to closely track to the second half of 2019’s. However, in the face of soaring interest rates, that’s no longer the case so we pulled the pending data for 2018, as I suspect the rest of the year may play out more like 2018 than any recent year. So comparing buyer activity last week to 2018, the sky isn’t falling. Buyers are buying, but just more selectively than in the last two years.
In terms of new listings, as we expected to see, new listings were down 10% week-over-week to 253 new listings. Buyers also saw 212 price reductions. 50% of active listings in Seattle have now had a price reduction.
Looking at the calendar, sellers have about 4 more weeks before things really slow down for the winter holidays. So, sellers, it is either now or you’re waiting until 2023, you don’t want to sell over the holidays. Likewise, for buyers, you have about 4 more weeks to find what you’re looking for.
What caught our eye last week? A floating home in Portage Bay, a loft in Madison Valley, and an industrial farmhouse vibe on Bainbridge. Also, we listed a great one-bedroom resale at the Emerald.