Seattle weekly wrap-up: holiday slowdown is coming up, or is it already here?

This is the last week before we hit the slowest time of the year for Seattle-area real estate – Thanksgiving through the New Year, but due to high mortgage rates, it feels like we’ve been operating on holiday mode for weeks months already.

Last week we saw 175 new listings in Seattle, down almost 10% week-over-week. We’ll likely see a similar number this week, but next week will be a slow week for new listings with many sellers holding off either until after Thanksgiving or until 2024. As for buyers, they put 145 homes under contract, down 2.7% week-over-week.

But buyers, this can be a great time for you! There are over 1,500 homes on the market and many of those sellers would be thrilled to get an offer, any offer. This is the time to shoot your shot and see if you can get a big discount or large credit to buy down your rate. Plus rates seem to be moving down, they’re at 7.4% today. Of course, the condo our clients offered on today in Eastlake had multiple offers!?

Speaking of the holidays, the Urban Living holiday party is December 2nd! We’re going skating at the Kraken Community Iceplex and have a rink to ourselves with lots of food, drinks, and a skating Santa. So if you’re thinking of working with us next year to buy or sell, we’d be happy to have you join us, just hit reply and I’ll send you an invite!

(Sadly, no hot listings caught our eye!)