Seattle weekly wrap-up: $18m home pending in 10 hours
How fast is the market moving? This $18m waterfront home went pending in ten hours this past week!
That’s just one example (and from the Eastside, nonetheless), but why does it seem like the market is moving so fast this January? It is likely a combination of relatively low inventory, a new batch of buyers eager to find a home in 2023, and a growing acceptance of ~6% interest rates (~5% if you need a jumbo like most Seattle buyers.)
What do the numbers say? Last week Seattle sellers listed 181 homes, up 7.7% from the week before. But looking at past years, so far we’re off to a pretty slow start in terms of new listings.
Meanwhile, buyers put 172 homes under contract, up 7.5% from the week before. Also pretty slow compared to previous years, but it feels like buyers would put more homes under contract if there were more homes to put under contract. …Looking at the number of active listings on Saturday, inventory is at the lowest point of the last four months that we’ve been tracking.
Our first home-buying class of the year will be on February 7th, or just hit reply if you want to grab a coffee and chat one-on-one sooner than that.