How nervous should sellers be right now?
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
- King County median home price tops $1m (Seattle Times)
- VersusGame VP puts his treehouse-style home in Shoreline on market (PSBJ)
- Bellevue’s InterContinental hotel opening delayed yet again (PSBJ)
- Eastgate office-to-townhome proposal clears a hurdle at Bellevue City Hall (PSBJ)
- Seattle developer sees huge office-to-housing opportunity in Pioneer Square (PSBJ)
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
$3.3m Laurelhurst modern by Keith Kolb
$3m Capitol Hill modern by Jim Olsen
$1.3m Normandy Park midcentury
Eye Candy <$1m
$1m West Seattle contemporary by Green Canopy Homes
Check out last week’s market update, Record number of homes for sale (this year)
And don’t miss our next update, sign up for our weekly newsletter.
