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Seattle’s median sales price drops nearly 8% m-o-m

By January 9, 2024

Market Report

The numbers for what the real estate market in December did are out – the median price for a single-family home in Seattle dropped 7.8% to $845,000 putting it 3% lower than a year before in December 2022. I expect we’ll see the median price drop again when the January numbers come out, then start its usual seasonal increase. The Seattle Times reported on the macro numbers in the Seattle-area housing market ends 2023 on a sleepy note. We can confirm, 2023 ended on a sleepy note!

But what happened last week since December is already old news? We were surprised that after bringing on a $1m townhome in Wallingford we had 30 parties through the open house on Saturday. I don’t think we’ve ever had a townhome with that kind of open-house interest! Clearly, there is some pent-up demand thanks to improvement in mortgage rates and low inventory. Speaking of 30, we had a client offer on this Snoqualmie home and it had 30 offers yesterday!

In terms of the numbers, last week we saw 127 listings hit the market. Buyers haven’t seen that many new listings a week in a month. As for buyers, they put 72 homes under contract.

Don’t miss this $10m waterfront Leschi home with a Kundig remodel. Wow! Or this $4.5m sub-penthouse at One88 or this 1969 home in Magnolia that is blowing up (we toured it today, it is great!)

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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