“We’re so f———.”

That was the email I got from another agent after last week’s newsletter. At the time, mortgage rates were at 7.17%. Today, they’re at 7.6%.

You’d expect buyers to hit the brakes. But did they?

Last week, buyers across Seattle and the Eastside put 314 homes under contract. Compare that to 351 during the same week last year, when mortgage rates were floating in the 6.3s. A 10% dip in activity given today's rate environment is a far smaller hit than I would have guessed.

Three weeks into our eight-week fall market, here’s what we’re seeing:

• Pending homes year-to-date (fall season): 881 homes
• Same period last year: 1,081 homes

But the big question remains unanswered: What is the buyer-seller imbalance doing to home prices? The official September stats come out in a few days; tune in next week!

🏠 Homes we’re selling

• A beautifully updated Washington Park Craftsman on a tree-lined street
• An end-of-dock floating home with front-row views down the Montlake Cut
• Own your own deep-water dock slip on Lake Union
• Penthouse living atop Bellevue Towers, with views for days
• A blank canvas in West Seattle
• A spacious Belltown condo with Puget Sound and Space Needle views
• The "Hammer House," an Olson Kundig masterpiece in Madrona
• A completely transformed Eastlake floating home with rooftop deck views
• A brand new Madison Valley home
• A flexible 2-bed townhouse with rooftop city views
• A rare Kingsgate tri-level, first time on the market in 25 years
• Corner unit at the Emerald
• Build your dream home on Perkins Lane
• A Westlake houseboat

Wonder what your home is worth? Just hit reply.

✨ Featured Listing: Leeward in Mt. Baker

1417 36th Ave S, Seattle -Listing sponsored by Ron Rubin.

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🏠 Listings That Caught Our Eye Last Week

• Most expensive pending: $7.95M Mission Revival Estate in Broadmoor
• Highest % over asking sale: $1.018M Craftsman Fixer in Leschi
• Most expensive sale: $7.1M Custom Home in Broadmoor
• Least expensive sale: $175K Studio in Madison Park
• Most popular Seattle listing on Redfin: $700K Value-Add Property in Madrona

📰 Must-read real estate news

• Kirkland’s wildly pricey housing scene is now ‘99% buyer’s market’ (The Seattle Times)
• Seattle gets a new light rail station, and then a long wait (The Seattle Times)
• ‘Grandfamilies’ are a rarity in Seattle. Here’s why (The Seattle Times)
• Homebuilder starts sales for luxury development in Bellevue (PSBJ)

Pace of new listings hits the brakes

Seattle: 344 new listings last week, down 24.56% w-o-w
Eastside: 269 new listings last week, down 9.12% w-o-w

Buyer demand running below last year at this time

Seattle: 200 pending last week, up 2.56% w-o-w
Eastside: 114 pending last week, down 26.45% w-o-w

🔥 The hottest new listings

$13.8M Yarrow Point Waterfront by Lochwood Lozier

$9.08M Waterfront Estate in Newport Shores

$8.75M Krekow Jennings-Built Home in Washington Park (Coming Soon)

$7.15M Escala Penthouse with Elliott Bay Views

Check out last week’s market update Early fall market signals (+ a $71M new listing)

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