Seattle weekly wrap-up: new listings down 50% but record # of homes under contract

Happy long weekend! For starters, here’s another funny video summarizing the state of our market. Why’s the Seattle market so bonkers? According to census data, we’re the fastest-growing city and we’re the number one city for foreign commercial investment.

Not surprisingly, many listing agents advised their sellers to not list this week since many buyers will be on vacation this weekend. As a result, we saw only 242 new listings, down 51% from the week before. Next week we should see more new listings than this past week but certainly not as many as the week of May 17th, which will likely have been the high watermark for the year.

Buyers were very busy this week putting a record 419 homes under contract, though agents are talking amongst themselves about signs that the market is slowing. Sure feels like we’re seeing more homes go past their offer deadlines and price reductions. On the other hand, we had a client offer on a townhome listed at $775k and one buyer was willing to go to $935k! And a floating home listed at $900k went for close to $1.5m.

Surprisingly for a slow week, some good listings hit the market. Midcentury fans will love this home down in University Place. If you’re looking for a midcentury estate, you missed out on this Eastside one that went pending quickly. Loft fans, here’s a more affordable one at Trace. We’re definitely not showing the backyard of this home to our kids. And finally, we like these new townhomes by Halverson Design Build. Unit A is already pending.

Need a getaway? Check out this sweet new ski/bike home at the Pass. Or build two homes right across from Summit Central. Fan of the water/islands? Check out the midcentury-inspired Fidalgo Villas near Anacortes, this San Juan estate, or a round house on Bainbridge Island.