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Seattle weekly wrap-up: 5 signs the market is shifting

By June 26, 2023

Market Report

New listings bumped up last week 6% week-over-week to 294, but expect new listings to cool off as summer heats up; sellers often take the summer off assuming buyers take the summer off (but will they?). As for buyers, they put 207 homes under contract last week, down almost 4% week-over-week.

But what I really want to call out is the shift in other numbers – last week in Seattle we saw:

  • 1,445 homes for sale at the end of the week – an all-time-high for the year
  • 135 price reductions – by far the most price reductions we’ve seen in a week so far this year
  • 8 contingent offers – a record high for the year
  • 48 canceled listings – basically tied with the record for the year
  • 28% of listings had an offer review – the lowest percentage we’ve seen in three months

That said, an agent we talked to with a listing in Green Lake said they had 100 people through their open house and turned down our aggressive early offer.

For buyers, you’ll have a lot fewer new listings to choose from in the second half of the year, but if you find something you like and can stomach the rates, it will likely be a better deal than buying in spring.

For sellers, and we’re working with a lot of sellers now to prep listings for both July and September, understand that the market is shifting so don’t cut corners and be really thoughtful on pricing.

Fave listings? With this hot weather, it has to be this $2.8m Portage Bay end-of-dock floating home but it went pending almost as soon as it hit the market! (Don’t worry, still lots of other great floating homes for sale if you’re in the market, just hit reply.) I also really like this Ralph Anderson designed a-frame on the Hood Canal. While I’m not looking for another project, if I were, this $3.85m Paul Hayden Kirk would be on the list! More accessible would be this midcentury in Magnolia at $1.3m.

Last week we were busy handing off the keys to first-time home buyers on Queen Anne and helped buyers get under contract on a condo at Spire (the fifth buyer we’ve helped there!). As for this coming week… Let’s be honest, I likely won’t get a newsletter out next week with this forecast and the fourth of July. So have a good long weekend!

Our next home-buying class is July 6th! RSVP here.

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!

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