š Good news for buyers, a reality check for sellers
The data for what happened with the market in February is out, and it mirrors what weāve been seeing in our weekly data: more homes are hitting the market and taking longer to sell because buyer appetite isnāt as strong as in recent years.
TLDR; Buyers have more selection, likely at a better price, which is definitely true if theyāre looking at condos and townhomes. Sellers are going to have a harder and longer time selling than in previous years, unless they have a $1-2M dialed-in home in a prime neighborhood.
Letās dig in.
Seattle
- Sellers listed more houses: New listings are up 38% compared to last February.
- More homes for sale: Active inventory has surged by 55% over last February.
- Prices: The median residential price isĀ $945,000,Ā down just $5K from last year at this time but up $95K from January. (December is always the best time to get a dealā¦)
Eastside
- Sellers listed more houses: New listings jumped 43% over last year at this time.
- More homes for sale: Total active inventory is up a staggering 90% compared to February 2025.
- Prices: The median price for a single-family home is $1,695,000, downĀ 6%Ā from February 2025.
What are we seeing out there?
A modest $25K price cut on our Fremont townhome resulted in a big uptick in showings, with it quickly going pending at its new list price.
We have motivated Belltown sellers who just cut their prices at the Grandview and the Royal Crest. But with only 4-5 condos pending in downtown/Belltown a week and well over 200 for sale, it is a tough market for sellers.
We also cut the price on our vacant lot listing in Magnolia. Buy it, put a yurt on it, list on Airbnb??
Just hit reply if youāre curious what your place is worth in this market, or if youāre a buyer wanting to take advantage of this increase in homes for sale (and even more are coming!)
Listings that caught our eye last week
- Most expensive pending: Mercer Island JayMarc pre-sale at $5.2M
- Highest % over asking sale: Cedar Park estate sale for 30.3% over
- Most expensive sale: Laurelhurst off-market waterfront for $13.9M
- Most popular Seattle listing on Redfin: Capitol Hill Chadbourne+Doss remodel for $6.5M
Must-read real estate news
- Seeking a house in Seattle for about $600,000 (NYT)
- How are your Seattle-area home remodeling projects going? Tell us (Seattle Times)
- Whatās behind the sudden flip in local housing market (Seattle Times)
- Want to sell a WA home? What a new WA bill means for you (Seattle Times)
- After 2 years under construction, European-styled Woodway estate hits the market (PSBJ) This is a wild read! They brought in craftsmen from Europe!?
- Historic, empty Seattle building may ācome back to lifeā (Seattle Times)
- Bellevue looks to fast-track āmiddle housingā with pre-approved designs (PSBJ)
š Eastside sees a huge jump in new listings
Seattle: 353 new listings last week, up 7% w-o-w
Eastside: 321 new listings last week, up 37.8% w-o-w
Seattle: 201 pending last week, down 1.5% w-o-w
Eastside: 131 pending last week, down 10.3% w-o-w
The hottest new listings š„
$4.4M Downtown condo at Four Seasons Private Residences
$1.75M Steilacoom midcentury modern by Milton Sticker
Check out last weekās market update, Mt Baker home closes 57% over!
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