Seattle weekly wrap-up: rates hit 8%
The big news last week was that mortgage rates hit 8%, a 23-year high (and are still there today!). This is definitely having a chilling effect – last week 208 new listings hit the market, and while 25% of those are already pending, the majority of those new listings are still active. And once you dig into different pockets of the market, like condos, supply greatly exceeds demand since the monthly cost to own is, in many cases, nearly double the cost of renting!
Last week we also got a whirlwind tour of Westbank‘s Vancouver projects (Westbank is the developer of First Light in Seattle). If you’re looking for the future of condos, what they’re working on in Vancouver is mind-blowing. Hopefully, we see more condo projects from them here in Seattle after First Light!
What caught our eye? This $1.2m Japanese style midcentury on the Eastside (already pending!) and this $1.3m Lake Forest Park midcentury that last sold in September. And since it has taken me so long to get this newsletter out, this week you don’t want to miss this townhome at Hawthorne Square or this Graham Baba custom-designed Wallingford home.