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Seattle weekly wrap-up: where is the market headed!?

By May 9, 2022

Market Report

It was a wild week last week! Mortgage rates are near an all-time high for the last ten years and the stock market is decimating tech buyers’ down payments (it baffles me how many buyers keep their down payment invested in the stock market until the very last minute they need it…). So it’ll be very interesting to see how this impacts Seattle’s market as we are now in the busiest time of the year for new listings (though new listings are down 11% week-over-week) and there are still a lot of buyers looking. The guidance we’re giving sellers is that unfortunately, you likely won’t get what sellers were getting at the beginning of this year but the getting is still good for great homes. And with buyers, we’re continuing to urge patience as you should see more options and less competition as time goes on.

Last week we were busy helping sellers – our Lumen listing had multiple offers and is pending over the list price, we just listed a west-facing condo at the Gridiron, a loft-style townhome in Georgetown and we still have a great one-bedroom modern townhome in the Central District. We were also busy digging into the April stats – the median price of a single-family home is just shy of $1m and many people are buying condos. Speaking of condos, KUOW did a good deep dive on why new condos are so rare and expensive in Seattle.

Even though we didn’t have a record-setting week for new listings, it was a record-setting week for cool listings. Our fave is a waterfront midcentury on Three Tree Point for $3.3m. For the rest, we’ll have to resort to bullet points to get through them all.

In Seattle:

Mercer Island:

West Seattle (kind of an island):

Truly in the islands:

P.S. Did you see this Crown Hill midcentury went nearly 75% over asking?

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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