🏠 Rates jump, Eastside prices plummet

Mortgage rates are all everyone has been talking about these past few days since they had their quickest spike in months moving from 6.2% on Thursday and are now at 6.67%. Ouch! We’ll have to wait a week to see if buyers hit the brakes.

Meanwhile, the numbers for September came out.

In Seattle, the median price of a single-family home (and townhome) was unchanged at $926,000 from the month before. It is up 3.3% from a year ago but well below the all-time high of nearly $1M in the spring of 2022 and is still above this year’s low of $828,000 in January.

But on the Eastside, the median price of a single-family home (and townhome) dropped $112,500 from August to $1,537,500 in September, this is up 1.5% from a year ago but this is well below the all-time high of nearly $1.875M in the spring of 2022 and is a new low for the year (what is happening on the Eastside??).

In condo news, check out our new video walkthrough of First Light, it is quickly coming together for closings this fall. A post on X highlights an 8-unit condo coming to 2514 Dexter Ave N designed by Johnston Architecture. Does anyone know more?

We were busy last week handing off keys to buyers of a delightful Westlake floating home (we’ve now sold 3 homes on this dock!), wrapped up the listing of a lofty townhome on Interlake (that we’ve now sold twice), and had our first of many buyers at Mari close (Mari turned out great!).

— Matt, Land, Maggie & Alicia

LINKS

• ‘Blippi’ creator buys $7.2 million home on Kirkland waterfront (PSBJ)

• Seattle-area home shoppers find some relief in ‘shoulder’ season (Seattle Times)

• How this Ballard micro-neighborhood reflects an ever-changing Seattle (Seattle Times)

• Nearly 16% of all mortgages carry a rate greater than 6% now. (Mike Simonsen on X)

• Non-profit land trust aims to keep homes permanently affordable - here’s how (PSBJ)

• Why rich people don’t cover their windows (The Atlantic)

NEW LISTINGS BY WEEK
Buyers see fewer and fewer new listings

HOMES GOING PENDING BY WEEK

HOT NEW LISTINGS
Eye candy

Last week’s eye candy winner was the Bellevue modern

THAT’S A WRAP
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