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Home / Weekly Market Commentary / How nervous should sellers be right now?

How nervous should sellers be right now?

By June 12, 2024

Graph of Seattle and Eastside new listings for week of June 3rd, 2024
Weekly Market Commentary

Risky prediction! Relief is coming for buyers and sellers should be nervous.

TL;DR – our theory is that nearly all the buyers willing to pay ~7% for their mortgages have bought homes.

Signs we’re seeing that should signal coming relief for buyers and make sellers nervous:

  • The median single-family home price in May dipped both in Seattle (down 1% m-o-m to $950k) and on the Eastside (down 4% m-o-m to $1,792,300)
  • The number of homes for sale is at an all-time high for the year and will likely continue to grow
  • Fewer and fewer new listings have offer deadlines (31% in Seattle last week down from a high of 44% earlier in the year)
  • The number of homes going pending last week didn’t recover from the Memorial Day long weekend slowdown (see below)

Unfortunately, mortgage rate relief doesn’t seem to be on the horizon so while buyers will have greater selection at better pricing, they’ll either need to pay cash or get a 7% mortgage.

That said, this QA house had 7 offers today and this home in Brier had 4.

Links

Strong week for new listings

Seattle: 347 new listings last week, up 1.5% w-o-w
Eastside: 249 new listings last week, up 6.4% w-o-w

Where are the buyers?

Seattle: 165 pending last week, down 3.8% w-o-w
Eastside: 134 pending last week moving 0% w-o-w

Eye Candy

$9.5m Mercer Island modern

$3.3m Laurelhurst modern by Keith Kolb

$3m Capitol Hill modern by Jim Olsen

$2.2m Westlake modern condo

$1.3m Normandy Park midcentury

Eye Candy <$1m

$1m West Seattle contemporary by Green Canopy Homes

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

Get in touch to:

  • Understand the market
  • Find your perfect home
  • Sell your home

Contact:

206-203-6242