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Seattle weekly wrap-up: ahead of spring break, a listing with 23 offers

By April 9, 2023

Market Report

New listings slowed this past week as we only saw 241 new listings, down 7.3% week-over-week as sellers are likely avoiding listing over the opening weekend of spring break (too many potential buyers out-of-town). Given it is spring this week, expect this coming week to be slow for new listings as well, but the week of the 17th should be busy!

As for buyers, they were surprisingly busy putting 222 homes under contract, up 13.2% week-over-week. We even saw a few crazy bidding wars like this Queen Anne house that had 23 offers going nearly 25% over list while this Sand Point home had 9 offers likely going 20% over list. But don’t despair, 80% of active listings in Seattle have been on the market for more than 7 days so there are lots of homes that aren’t going to get bid up.

The numbers for March are out, the Seattle Times headline is King County home prices plunge 10%, which while true year-over-year, it misses the point that the median price for Seattle is up 6% since the beginning of the year. The 20% decline in median price that we saw in Seattle from April of last year is now just 14%. You can blame low inventory and seasonality for this increase in pricing.

The best midcentury of the week is in Federal Way, wow! Closer to home, here’s a Mount Baker one with a pool, this Mercer Island one went pending in two days, skipping its offer review deadline. Further afield here’s a Whidbey Island waterfront ’68 home I like.

Thinking of joining us on the water in Eastlake? Two large floating homes hit the market. A modern one in Ward’s Cove and a more traditional one at Fairview Landing. Which will it be?

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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