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Seattle weekly wrap-up: see the listing that had 20 offers last week!

By July 24, 2023

Market Report

I couldn’t believe a listing had 20 offers on it last week! But before we get to that, the weekly real estate news was that we saw 282 new listings last week, down just 3% week-over-week, I was expecting a steeper decline, so I guess the summer slowdown for new listings hasn’t hit yet! As for buyers, they put 209 homes under contract even though rates have been stuck at 7% for over two months now. Given the imbalance between new listings and homes going under contract, it isn’t surprising that new inventory climbed to another high for the year at 1,497 homes for sale at the end of the week. The number of homes for sale typically peaks in September, so we likely have a couple more months of increasing inventory – a good time to be a buyer if you like a home that’s on the market and isn’t a hot one like this 20 offer one!

Last week we listed a great midcentury in Magnolia on Wednesday. On Thursday it had a ton of showings and by Friday afternoon it was pending just above the list price with only a financing contingency. We also listed a Beacon Hill townhome. Though what was really crazy last week was this Phinney Ridge home that had 20 offers on it! Our clients offered $200k over asking and weren’t even in the top 3. We also had clients offer on this project home and it had 9 offers. Meanwhile, we helped buyers get this never-been-lived-in 2019 townhome at the list price with a modest credit and all the usual contingencies.

What caught my eye last week? “The Lakehouse”, a $27m remodel on Mercer Island went pending! If you missed it and want to build your own Lakehouse don’t miss this Yarrow Point opportunity at $11m that just hit the market. If you’d rather live in-city and on the water, here’s a $6.2m floating home in Fremont. The other homes to catch my eye were new construction or nearly new – a Ravenna modern for $2.2m, a $2.3m Madison Park modern, and a $2.8m Dwell Development home.

Thinking of starting an Airbnb? The Seattle Times has a primer on being a host. Or just hit reply. We have an Airbnb in Eastlake and I have also helped many Airbnb hosts buy and sell. Or hit reply if you want me to talk you out of it, happy to do that too :).

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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