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Seattle weekly wrap-up: where are the buyers?

By April 2, 2023

Market Report

Last week we wondered where the sellers were but with 259 new listings in Seattle this past week we saw a record high for the year (they were up 13% w-o-w). However, that’s still well below what we’d expect for this time of year which would be 315-350 weekly new listings.

This week, we’re wondering where the buyers are because what gives us pause is that buyers put only 192 homes under contract (essentially flat for the last 3 weeks). Yes, we’re still seeing bidding wars on some hot homes (32% of new listings had offer review deadlines, though not nearly every home is getting multiple offers even with a deadline), but we saw more price reductions last week than bidding wars. With inventory (slowly) starting to build again prices should be kept in check (reminder, we started the year with the median price down 20% from April and May of 2022). Of course, this is a rhetorical question – mortgage rates are at 6.57% and we’ve had more than a couple of clients directly impacted by layoffs.

The big (Eastside) condo news this week is Mari has posted floor plans to their site! Which is your fave? We expect the sales center to open in May and the building to complete in 2024.

The hottest listing of the week will no doubt be this midcentury. Break out the money gun. I also really like this one in Shorewood with a pool, though this Westwood one will be the most attainable. And I rarely mention townhomes here, but here’s a cool gProjects resale and this DADU is sure to be popular.

Water fans, here’s a floating home in Portage Bay and another in Eastlake (but in a leased slip).

Olson Kundig alert in the San Juans! If more traditional is your style, don’t miss this estate on Orcas. If you want to dream big, here are 72 acres on Lopez that haven’t been sold since the 1800s. And is it me, or are we seeing more luxury vacation homes hit the market than usual?

What we’re reading – how a Seattle architect helped make timber towers legal in the U.S.

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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