🏠 Seattle inventory just hit a 14-year high
Did you have a great Fourth of July long weekend? We spent nearly the full day celebrating down on Lake Union, where we live on a floating home. If you haven’t experienced the fireworks from a boat or floating home, definitely add it to your bucket list; you get a front-row show!
As expected for a holiday week, we didn’t see many new listings hit the market; in fact, it was one of the slowest weeks of the year for new inventory. Nonetheless, we were busy handing off the keys to a home with good bones in Bryant. We managed to negotiate nearly 5% off the list price for our buyers, even though the home had only been on the market for 8 days.
We were also quoted in a recent Seattle Times article, "Seattle homebuying can be anything from ‘weird’ to ‘nerve-wracking’." My contribution: the sobering line: “We can’t give away condos right now.”
Here is a look at how the rest of the local market is shaping up as we head into summer:
Seattle: Prices Ease as Inventory Hits a 14-Year High
The Takeaway: It is somewhat comforting to see the median price finally decline amid growing inventory and slowing sales. Though the median price still feels high relative to the months of supply, buyers are gaining leverage they haven't had in years.
- Median Price: $985,000 (Down nearly $50K from May, and down 5% from last June)
- Total Inventory: 1,562 homes on the market (Up nearly 20% YoY, levels we haven’t seen since 2012)
- New Listings: Up 10% YoY (But down slightly from May)
- Sales Volume: 623 homes closed (Down 4.4% from last year, and slightly lower than May). June will likely be the peak month for closings this year; it's all downhill from here!
- Months of Supply: 3.2 months (The highest level seen in the last 14 years!)
The Eastside: Growing Supply Keeps Prices in Check
The Takeaway: A massive 44% inventory spike has given Eastside buyers some much-needed breathing room, shifting the dynamics toward a more balanced market. Buyers are flexing their negotiation power, leading to a noticeable month-over-month price correction.
- Median Price: $1,720,000 (Up slightly from May, but down 4% YoY)
- Total Inventory: Up a massive 44% over last year for the second month in a row (Another 14-year inventory high)
- New Listings: Up nearly 20% YoY (But down nearly 10% from May)
- Sales Volume: 374 homes closed (Up 50 units from May, but down 1% YoY)
- Months of Supply: 4.7 months (The highest level seen in the last 15 years)
That’s it for now; gotta go catch Duck Dodge!
🏠 Homes We’re Selling
- 🏠 A flexible 2-bed townhouse with rooftop city views
- 🏠 A rare Kingsgate tri-level, first time on the market in 25 years
- 🛥️ Second-from-the-end Eastlake floating home
- 🏠 A brand new Madison Valley home
- 🏙️ Condo with a view, an even bigger condo with a view, or a new one
- 🏙️ Corner unit at the Emerald
- 🏚️ West Seattle townhome with built-in income potential
- 🏙️ Magnolia sunny, corner-unit condo
- 🔨 Build your dream home on Perkins Lane
- 🛥️ An Eastlake houseboat and a Westlake houseboat
- 🏙️ A great short/long-term rental or UW pied-à-terre
Wonder what your home is worth? Just hit reply.
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🏠 Listings that caught our eye last week
- Most expensive pending: $6M Madison Park penthouse with Lake Washington views
- Highest % over asking sale: $1.015M Maple Leaf fixer-upper, first time on market in 40 years (30% over!)
- Most expensive sale: $6.95M Bellevue new construction on 6,720 sq ft
- Least expensive sale: $280K 1-bed condo in Northeast Seattle
- Most popular Seattle listing on Redfin: $1.35M home with greenbelt and DADU potential
📰 Must-read real estate news
- Seattle homebuying can be anything from ‘weird’ to ‘nerve-wracking’ (The Seattle Times)
- Seattle axes plan to cut developer fees that fund affordable housing (The Seattle Times)
- Texas oil exec linked to one of the largest residential deals in WA this year (PSBJ)
Sellers pumped the brakes last week
Seattle: 160 new listings last week, down 54.93% w-o-w
Eastside: 128 new listings last week, down 60.37% w-o-w
Seattle: 171 pending last week, up 7.02% w-o-w
Eastside: 123 pending last week, down 8.21% w-o-w
🔥 The hottest new listings
$9.5M Woodinville French Château Estate on 4.4 Acres, First Time on Market Since 2003
$3.5M View Ridge Home with Lake Washington and Mountain Views, $200K in Upgrades
$3M 70s Contemporary on Mercer Island
$1.95M West Seattle MCM with Mountain Views and Private Beach Access
Check out last week’s market update, Why a $2M Mercer Island home got 6 offers
And don’t miss our next update, sign up for our weekly newsletter.
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