🏠 see how many homes are selling over asking price

Author

Matt Goyer
March 25, 2024

Welcome to the Urban Living Weekly, a newsletter from a boutique real estate brokerage keeping your finger on the pulse of Seattle and Eastside real estate.

Over 40% of new listings in Seattle this past week had offer review deadlines. Meanwhile, on the Eastside more than 50% had them! (This $2m Kirkland home had 10 offers on it last week!) Are sellers being aspirational or are homes selling for more than asking?

Looking at single-family home sales for the last 30 days in King County, 45% sold for over asking. 23% sold for asking and 30% sold at a discount. So no, sellers aren’t being aspirational, the market is hotter than it is cold. But inventory is up, more homes are hitting the market than buyers are buying and I expect some relief is likely on the way for frustrated buyers.

As for condos? We’re helping our third buyer at Nexus this year and just negotiated a 6% discount off their last top-floor penthouse which in 2020 was listed for $2.4m and will now sell for $1.3m-ish 👀.

Need help winning a bidding war on a house or negotiating a deal on a condo? Just hit reply.

— Matt Goyer, Land Cook
P.S. Our next home-buying class is on April 9

NEW LISTINGS BY WEEK
New listings slow slightly

Seattle: 273 new listings last week, down 3.5% w-o-w
Eastside: 209 new listings last week, down 2% w-o-w

HOMES GOING PENDING BY WEEK
Will buyers absorb all these new listings?

Seattle: 201 pending last week, flat w-o-w
Eastside: 165 pending last week, up 3% w-o-w

OUR TAKE
Buyers, be patient; sellers, let’s go!

Buyers: buyers should be patient, the home-buying season is still just getting started, and you still have lots of time to find your dream home.

Sellers: you should list sooner rather than later to take advantage of low competition from other sellers and seemingly many eager buyers.