Seattle’s Median Home Price Down from $1M Peak
Whoa! That $11M (sub)penthouse at Escala (the Fifty Shades of Grey building…), on the market for nearly a year, is heading to auction on June 18th (more on the blog). Is this a sign of further softening, or just a motivated seller looking to make a move? Only time will tell. Hit reply with your guess at the final sale price—closest guess wins a mystery prize.
So, how’s the broader market doing?
The numbers for May are out:
- Seattle’s median single-family home/townhome price: $980,000
↓ From last month’s $1M peak
↑ Up 2.4% year-over-year - Eastside median single-family home/townhome price: $1,750,000
↓ Down slightly from April
↓ Down 1.4% year-over-year
↓ Well off the 2022 peak of $1,874,000
Prices remain surprisingly high, considering Seattle’s inventory is at a ten-year high, and closings are down compared to last year. 🤔
Why’s this newsletter going out tonight instead of the usual Tuesday?
Let’s just say we’ve been busy with closings (and okay, maybe also enjoying the weather a bit ☀️).
Here’s what we’ve been up to:
🏡 Our Columbia City sellers closed at $968K after receiving eight offers
🔑 Our second buyer at Graystone got her keys (and a sweet closing credit)
📉 Our Royal Crest seller closed after only 9 days on the market
👏 A co-op seller, thrilled we succeeded where two previous agents didn’t, left us a glowing Google review
👶 Our Lynnwood buyers closed just two weeks after welcoming a baby—we got them under contract while they were just getting to the hospital
🌊 And we helped a neighbor sell their floating home off-market to one of our relocating clients from the East Coast
Noteworthy sales last week
- Most expensive pending: Mercer Island contemporary with shared waterfront at $7.7M
- Highest % over asking sale: Green Lake craftsman for 22% over
- Most expensive sale: Laurelhurst waterfront for $11.35M
- Least expensive sale: Lower Queen Anne condo for $267K
Links
- Can’t afford saving for a down payment? One program has helped hundreds in WA (Seattle Times)
- Seattle-area homebuyers skittish amid high rates, economic uncertainty (Seattle Times)
- Former Mariner Ty France sells Bellevue home (PSBJ)
New listings by week
Seattle: 381 new listings last week, down 6.2% w-o-w
Eastside: 314 new listings last week, up 4.7% w-o-w
Homebuyers activity nears yearly high
Seattle: 247 pending last week, up 36.5% w-o-w
Eastside: 190 pending last week, up 48.4% w-o-w
Eye candy
$11.5M Mercer Island modern by SKB Architects
$2.8M Orcas Island modern by Gordon Walker
$2.7M Seward Park midcentury modern
$1.025M Matthews Beach NW contemporary
Check out last week’s market update, New Listings Are Back, But Not for Long
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