🏠 Buyers busy despite 7% rates

The last week has been busy! The distraction of the election likely stopped sellers from bringing new listings online; most are waiting until 2025. But buyers continue to put a surprising number of homes under contract - even with mortgage rates at 7%! One of those buyers was our client excited to finish this unfinished Mercer Island contemporary and a separate buyer frustratingly got beaten last night in a bidding war for a new single-family home that had been sitting.

October data is now in, and the median price of a single-family home in Seattle has risen to $960,000. This is just slightly above spring prices and represents a 9% increase compared to last year. It's also close to the all-time high of $1 million in spring 2022 when interest rates were lower.

On the Eastside, the median price for a single-family home is currently $1,600,000. While this is higher than last month, it's still significantly lower than the Spring peak of $1,794,000 and much lower than the $1,875,000 seen in spring 2022

— Matt, Land, Maggie & Alicia

P.S. Don’t miss the walkthrough videos we’ve made for Mari Bellevue and the Avenue Residences. More coming soon!

P.P.S Our next home buying class is this Thursday

BIDDING WARS

• Kirkland home sells for 21% over asking

• North Seattle midcentury sells for 20% over asking

• Newport Hills rambler sells in 1 day for 20% over asking

LINKS

• Seattle-area home sales surge as market sends mixed signals (Seattle Times)

• AIA Announces its 2024 Awards (AIA Seattle)

• Amazon’s headcount in Bellevue will make another jump by year’s end (PSBJ)

• Amazon plans to move out of this Seattle building (Seattle Times)

• Mutiny Bay estate on Whidbey Island hits market for $20 million (PSBJ)

• Mortgage rates fell, then rose. What comes next? (NYT)

NEW LISTINGS BY WEEK
New listings dip below last year at this time

HOMES GOING PENDING BY WEEK
Buyers remarkably active

HOT NEW LISTINGS
Eye Candy

Eye Candy <$1M

Last week’s eye candy winner was the Whidbey Island NW contemporary.

THAT’S A WRAP
Here are 2 ways we can help

1. Thinking of buying? We’ve helped hundreds of people find their dream home in the Seattle area. We’d be happy to help you too. Just hit reply.

2. Thinking of selling? Hit reply, we can handle everything from start to finish. And if you’re hoping to sell this year, the time to get going is now!