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Seattle weekly wrap-up: four weeks left until summer slowdown

By May 30, 2023

Market Report

It is after 10 pm and I’m reminded yet again this newsletter doesn’t write itself!

Sellers, and hopefully you did too, took the long weekend off. We saw just 193 new listings last week in Seattle, while the week before we saw 446. Though this week we should see plenty of new listings, so buyers, you have four weeks of new listings before the summer slowdown; the clock is ticking!

Of course, no one was talking about the slowdown in new listings last week, they were talking about the debt ceiling and the impact on mortgage rates – rates peaked at 7.14%, the highest rate we’ve seen this year, but thankfully they dropped down to 6.95% today (per MND). Mortgage rate volatility is super frustrating for active buyers right now. But we still bumped into a couple of bidding wars – a listing in Magnolia at $1.1 had 4 offers pushing it to $1.2m while a listing in Montlake at $1.65m also had four offers. Buyers are still out there.

My favorite listing of the week was 5 Crescent Key in Newport Shores. Listed at $7.7m we got a client in to see it just hours after it hit the market on Saturday and it is even more amazing in person. The other ones that caught my eye – a Fred Bassetti in West Seattle and this 1970s home on Bainbridge Island.

P.S. Our next home-buying class is June 6! 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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