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Rates ease, Seattle buyers were BUSY

By May 6, 2024

Weekly Market Commentary

The big news last week was the Fed holding their rate steady. Of course, mortgage rates do their own thing and so after seeing mortgage rates at an all-time high for the year last weekend, this weekend they’ve dropped to their lowest point in a month. This was good news for the 250 buyers in Seattle last week who put a record number of homes under contract (for the year). …It will be interesting to see if last week was the peak of the home-buying season, it just might have been!

This past week we were busy helping a buyer beat out the competition for a home in Pigeon Point, counseled a buyer to walkway from a home they loved but the inspection revealed a money pit, and gave keys to a buyer we negotiated a $50k discount for (same floor plan two floors down sold for +$400k in 2020! If you’re looking for a deal on a condo, hard to beat the pricing at Nexus right now.)

It was a (rainy) opening day of boating season this weekend. Opening day also (unofficially) marks the start of floating home season and we saw a few more hit the market this past week. Here are all the floating homes and houseboats for sale including our own slip 11 at Mallard Cove.


New listing near record highs

Seattle: 361 new listings last week, up 4.9% w-o-w
Eastside: 236 new listings, up 2.6% w-o-w

Record number of homes go pending in Seattle

Seattle: 250 pending past week, up 4.6% w-o-w
Eastside: 164 pending last week, down 13.2% w-o-w

Eye candy

$2.9m View Ridge modern with lake views

$1.3 Mid-century modern in West Seattle

$850k for the “Skinny House” by Pb Elemental

$4.25m for the Setai in Kirkland

$8.275m Thomas James modern contemporary

Keep Reading

Check out last week’s market update, Russell Wilson, Bill Gates and a custom McLaren

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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
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