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Home / Weekly Market Commentary / Inventory and price reductions hit a high for the year

Inventory and price reductions hit a high for the year

By July 2, 2024

New Seattle listings by week
Weekly Market Commentary

We’ve talked to many would-be-home sellers about pricing over the last week. What makes pricing conversations challenging right now is that last week the number of homes for sale hit another high for the year and nearly 9% of those homes had price reductions. Meanwhile, rates are stuck above 7%. This is likely just the usual seasonal slowdown but it is still a good reminder that you usually want to sell earlier in the year rather than later. And for buyers, it is better to hold off on buying.

But enough about our likely slowing market! The forecast for the Fourth of July and this weekend looks great! Now is the time to get on the lake; it is no surprise that we’re showing three clients places on the water this week.

Links

New listings by week

Seattle: 306 new listings last week, down 12.6% w-o-w
Eastside: 246 new listings last week, up 13.9% w-o-w

Homes going pending by week

Seattle: 208 pending last week, up 4% w-o-w
Eastside: 176 pending last week, up 25.7% w-o-w

Eye candy

$14.1m Medina craftsman renovation by Toth Construction

$6m Kirkland modern

$2.85m Bainbridge Island modern

$1.5m Whidbey Island modern

$1.05m Victory Heights midcentury modern

Eye candy <$1m

$980K Lake City midcentury modern

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