🏠 Inventory is up 18%. Why are there still bidding wars?
Spring 2026: From Scarcity to Selection
As we say hello to spring, I wanted to see how this year’s market stacks up against 2025. The graphs below tell part of the story, but the "vibe" on the ground is shifting: Buyers finally have options, but they are using them with newfound caution.
Despite interest rates being lower than this time last year, the urgency has cooled. Here is the YTD breakdown:
- Seattle: New listings are up 11%, yet pending sales have dipped 5%.
- The Eastside: New listings have surged 18%, but pendings are down 7%.
The Price Paradox
When supply rises and demand dips, prices should drop. However, Seattle real estate continues to be remarkably resilient. While the "inventory crisis" is easing, the "hot pockets" haven't gone away.
Bidding wars aren't the norm for single-family homes, but here's where you'll find them in the Seattle area: The $500K–$2M range is the HOTTEST. For example, we just saw a home in the Greater Ballard area listed at $1.1M go for nearly $1.4M.
The Takeaway: We are moving from a market defined by scarcity to a market defined by selection. For the first time in years, buyers actually have leverage, provided they aren’t looking for a single-family home under $2M in a popular neighborhood.
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Listings that caught our eye last week
- Most expensive pending: Enatai new build by Mirikeen Homes at $6.4M
- Highest % over asking sale: Phinney Ridge craftsman for 26% over
- Most expensive sale: South-facing Mercer Island waterfront for $9.85M
- Least expensive sale: Central Seattle condo for $180K
- Most popular Seattle listing on Redfin: Mathews Beach midcentury for $1.45M
Must-read real estate news
- There’s a new normal in homeownership. One generation is winning big. (PSBJ)
- Not every millionaire is leaving Seattle — Here is what is happening around Amazon CEO’s Capitol Hill mansion (CHSB)
- Opinion: Transparency favors buyers and sellers in housing market (PSBJ)
- Providence CEO sells Medina home after 4 days on the market (PSBJ)
- Why more WA utilities want to remotely control your thermostat (Seattle Times)
- Bellevue green-lights 491-unit downtown housing plan (PSBJ)
buyer demand isn't matching sellers' supply
Seattle: 365 new listings last week, up 9% w-o-w
Eastside: 258 new listings last week, down 4.4% w-o-w
Seattle: 206 pending last week, down 0.5% w-o-w
Eastside: 136 pending last week, down 6.5% w-o-w
The hottest new listings
$8.45M San Juan Island modern by Bohlin Cywinski
$2.4M West Seattle modern by Patano Studio
$2.4M Shaw Island 'Isthmus House'
$2.35M Magnolia midcentury modern
$1.8M Bainbridge Island modern
Check out last week’s market update, Is Seattle cooked?
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