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Seattle weekly wrap-up: is the market getting less crazy?

By March 22, 2022

Market Report

If this newsletter went out Saturday like I aspirationally hope it does every week the headline would have been that Seattle’s median single-family home price sharply rebounded to $900k in February, while the Eastside’s has skyrocketed to nearly $1.8m. However, this weekend we were enjoying a staycation at the Lodge at St Edwards thanks to Daniels Real Estate the developer of the Graystone and Gridiron and so here we are on Tuesday. And after a couple days of reflection, it seems like the headline should be that at least among all the real estate agents I’ve chatted with, the market is showing signs of slowing. While January and February were the months of 15-20+ offers, 20-50%+ over asking it seems like March will be a transitional month and spring is likely to be much saner with (only) 1-5 offers per house, 0-25% over asking. We’ll likely see more offers with financing contingencies and fewer offers early releasing earnest money. I suspect the cash-rich or well financed buyers, bought a home in the first 10 weeks of the year leaving more rational buyers chasing the spring market. And of course while nearly no one is saying that interest rates nearly at 4.75% are slowing down their buyers, I think it is lowering people’s max numbers, as are depressed tech stock valuations.

Last week we saw 283 new listings in Seattle, down 13% week-over-week while buyers put 315 homes under contract.

Of those new listings, there were some good ones but my Macbook died taking all my open Redfin tabs with it so here is what I’ve found since – an updated NW contemporary on Marine View Drive or a view midcentury in Burien. The real find is this waterfront Ralph Anderson with a pool out by Grays Harbor City. Did you see we listed my mother-in-law’s townhome? It is a unicorn at two-stories, and no real shared walls.

And in condo news – Bosa (Insignia and One88) is starting on their 422-unit downtown Seattle condo project while the Goodwin in Belltown has converted back to apartments (again).

Heads up, our next Zoom home buying class is April 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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