23 offers in Phinney Ridge?! Here’s what’s going on
If we were grabbing a beer and you asked how the market’s doing, I’d probably say it feels like we’re in a housing recession; some mix of high interest rates, tariffs, and layoff uncertainty holding things back.
You can feel it: townhomes, condos, and luxury homes are tough to sell right now. But there’s still a price range of single-family homes that’s very hot.
Case in point: a Phinney Ridge home last week got 23 offers and is expected to close for nearly 30% over asking. That’s 22 buyers still in the market for a home.
And somehow, Seattle’s median home price hit an all-time high in October. Granted, most of those sales went pending in September, before news of the Amazon layoffs and government shutdown.
Curious, I dug deeper and found that 44% of Seattle homes sold in October went pending within a week (we did just help a seller close on a townhome that was on the market for only one day.)
📍 Seattle (SFH + townhomes)
- $1,042,000 median price — a new all-time high
- ⬆️ Up 8.3% month-over-month
- ⬆️ Up 8.6% year-over-year
Meanwhile, the Eastside is telling a different story, with prices still well below their peak.
📍 Eastside (SFH + townhomes)
- $1,580,000 median price
- ⬇️ Down 4.2% month-over-month
- ⬇️ Down 4.2% year-over-year
- Still well below the 2022 peak of $1,874,000
🎥 New on YouTube:
We just uploaded a boat tour of Lake Union’s floating homes and a look inside the last two penthouses at Spire, which is now down to just 20 units.
Noteworthy sales last week
- Most expensive pending: Medina Mediterranean at $10.5M
- Highest % over asking sale: Carkeek rambler for 25% over
- Most expensive sale: Kirkland contemporary for $6.6M
- Least expensive sale: Mercer Island condo for $325K
- Most popular Seattle listing on Redfin: Fremont investment opportunity for $450K (again)
Links
- Seattle homeowners won’t let go. Here’s what that means for buyers (Seattle Times)
- Massive mixed-use project planned for Bellevue’s Auto Row (PSBJ)
- Amazon layoffs chill outlook for Seattle-area home sales (PSBJ)
- Seattle fails to crack top 20 in latest ranking of real estate markets to watch (PSBJ)
- Seattle house flipping isn’t what it used to be. Here’s why (Seattle Times)
- Does your house need a name? (NYT)
- Involuntary retirement is coming for Seattle’s seasoned tech workers (Seattle Times)
- James Beard Award-winning chef Matt Dillon lists Vashon Island home (PSBJ)
New listings by week
Seattle: 226 new listings last week, up 22.8% w-o-w
Eastside: 122 new listings last week, up 29.8% w-o-w
Homes going pending by week
Seattle: 152 pending last week, down 11.6% w-o-w
Eastside: 90 pending last week, down 18.9% w-o-w
Eye candy
$3.7M Lake Sammamish waterfront
$2M View Ridge midcentury modern by Charles Morgan
Check out last week’s market update, Rate whiplash + big wins for our buyers this week
And don’t miss our next update, sign up for our weekly newsletter.
