🏠 Seattle slowed down, but the Eastside didn’t get the memo
Happy Mid-Winter Break to everyone with school-aged kids! It still blows my mind that a week off in February is the "new normal." Back in my day, it was just spring break in April.
📈 The Market Pulse: A Tale of Two Sides
Usually, the President’s Day combo creates a lull in new listings. While that held true for Seattle proper, the Eastside apparently didn’t get the memo; activity there is bucking the seasonal trend.
Despite the Seattle slowdown, the heat is still on for single-family homes. I’m heading to a pre-inspection today for a house that is already tracking for a massive offer count.
- For Sellers: If you have a single-family home ready to go, list it now. You have a captive audience and very little competition.
- For Buyers: Deep breaths. While it’s competitive now, the "inventory floodgates" typically don't open until April and May. Patience will be your best friend this month. And did you see that rates are almost at 6%?
💪 Recent Wins (and Learning Moments)
Our team has been all over the Sound this week (and I still think about renaming our brokerage to Sound Living…), proving we go wherever clients need us:
- The DADU Win: Land successfully navigated a multi-offer battle to secure a fantastic DADU (Detached Accessory Dwelling Unit) for our clients.
- Beyond the City Limits: Land also helped a condo buyer close down in Des Moines. Whether it’s North, South, or East, we’ve got you covered.
- The "Swinging for the Fences" Talk: I spent time counseling a fellow agent who was competing for the second-most-popular home on the market last week. Unfortunately, they landed in a heartbreaking second place. It was a sobering reminder of the importance of evaluating when a home is "The One" and exactly how much "swinging for the fences" is worth to you.
Listings that caught your eye last week
- Most expensive pending: Mercer Island waterfront at $10.9M
- Highest % over asking sale: Somerset traditional for 30% over
- Most expensive sale: Clyde Hill MN Custom home resale for $6.6M
- Most popular Seattle listing on Redfin: Victoria Heights rambler for $776K
Must-read real estate news
- Saks to close Fifth Avenue Club store in Bellevue after bankruptcy filing (PSBJ)
- Meta moves forward on unfinished Bellevue office building (PSBJ)
Eastside heats up, Seattle takes a breather
Seattle: 280 new listings last week, up 1.8% w-o-w
Eastside: 224 new listings last week, up 25.8% w-o-w
Seattle: 178 pending last week, down 12.3% w-o-w
Eastside: 97 pending last week, down 15.6% w-o-w
Check out last week’s market update, 20 offers in Fremont Vs. 1 in Magnolia (The market is weird)
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