🏠 Seattle's new median price is eye watering at these rates

Seattle’s median price for a single-family home hit $960k last month which blows my mind! Mortgage rates are in the low 7s, yet prices are shy of the all-time high of $1m we saw in April 2022 when rates were lower (they were moving from the 4s to the 5s.) What’s this doing to monthly payments? The monthly payment for a Seattle SFH home is up 68% in three years.

What about condos? There were 168 downtown (resale) condos for sale at the end of April while only 29 went pending in April. So it could be a good time to be a condo buyer if you can stomach the monthly payment, but it is certainly a tough time to be a condo seller.

We don’t have data on the waterfront market, but anecdotally, if you’re looking for a waterfront mansion, now is the time! There are a lot of options. See the latest one to hit the market below, wow!

In terms of weekly activity - expect this week to be reasonably busy for new listings but then next week to be slow as sellers hold off listing ahead of the Memorial Day long weekend.

— Matt Goyer, Land Cook & team

LINKS

• 9 offers. 6 out of the 9 escalated over $1.2m and it's going to close closer to $1.3m 

• Where are Seattle’s first-time home buyers? Some are leaving town (Seattle Times)

• Hunts Point home hits market for first time in 62 years (Seattle Times)

• Mercer Island mansion sells 10 years after it was first listed (PSBJ)

• Seahawks head coach linked to Redmond mansion purchase (PSBJ)

NEW LISTINGS BY WEEK
New listings cool in Seattle, heat up on Eastside

HOMES GOING PENDING BY WEEK
Eastside buyers 👀

HOT NEW LISTINGS
Eye candy

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

1. Thinking of buying? Now is the time, this is peak home-buying season. Hit reply, we’re happy to help. Or join our next home-buying class.

2. Thinking of selling? We strongly advise selling before Memorial Day when buyer interest for the season typically peaks. Hit reply, we can handle everything start-to-finish.