Seattle weekly wrap-up: where are the new listings?
Last week was a slow week for new listings! Seattle sellers only listed 230 new listings, down 7% week-over-week. This is way fewer than we’d expect for this time of year. Buyers too, weren’t very active putting just 190 listings under contract. This was flat from the week before. So our message to buyers remains the same – be patient and for sellers to – if you’re thinking of selling this year, sooner is likely better. As for mortgage rates, they started the week at 6.67% and ended at 6.38% even though the fed raised their rate mid-week.
Even though it was a slow week there were some great new listings this week! If you only click one of these links, click this one for a $75m waterfront estate in the San Juans. If that’s not in your budget, here’s a $2.5m modern getaway. But if you want to be on the water closer to Seattle, here’s a $6m project/rebuild on Lake Washington in Kirkland, or a floating home just north of ours on Lake Union. Penthouse fans, don’t miss this west-facing one at Olive8. Wow! But if you need over-the-top, here’s a $15m one in Bellevue.
We were busy last week helping two buyers get under contract. One, we helped negotiate a nice closing cost credit on a new Beacon Hill townhome, the other, we helped win a competitive townhome in West Seattle. We also did a virtual remodel of our Perkins Lane listing to show buyers the potential of this untouched 70s contemporary. We also had a Twitter post blow up for pointing out that, not surprisingly, real estate is local. While US home prices are down only 2.7%, Seattle prices are down 20% from last year and are now inching back up.
The condo news this week is that a big lien is holding up closings at Infinity Shore Club. And we were saddened to hear of the passing of Blaine Weber, the architect behind condos like Cristalla, 1521, and Nexus.