Buyer demand, as measured by the number of homes going under contract, nosedived last week; pending home sales were on par with the slowest weeks of the summer (think the lull before July 4th or Labor Day weekend). Compared to this time last year, demand is down 27%.

Keep in mind: that data is from last week, before headlines landed about Microsoft buyouts and potential layoffs.

Yet in true K-shaped economy fashion, someone put an $11M waterfront home under contract last week after just 13 days on the market. 

Maybe last week was a blip. Maybe not. Either way, this week wraps up the fall real estate market. Next week, the "Big Dark" officially settles in, marking the beginning of our winter market.

What that means:

• Inventory is about to dry up: Many sellers will pull their listings off the market for the next 4 to 5 months rather than let days on market tick up. 
• Serious leverage for active buyers: For anyone still shopping what’s left, this is historically the best time of the year. Buyers consistently negotiate their deepest discounts in November and December.
• Builder motivation: Builders with remaining new construction inventory want closings on the books before year-end, which translates to aggressive rate buydowns and closing credits. Over on the Eastside, a builder “dropped” their new home from $4.75M to $3.75M to run a 7-day “auction”. We’re very curious to see how that pans out!

Speaking of opportunities: last week we helped our 15th buyer at Spire. They just closed on #2502 for $1.1M, a home that last traded hands a year ago for $1.31M.

🏠 Homes we’re selling

• 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
• A completely transformed Eastlake floating home (Last call, de-listing soon!)
• A flexible 2-bed townhouse with rooftop city views
• Build your dream home on Perkins Lane
• A Westlake houseboat (Last call, de-listing soon!)

Wonder what your home is worth? Just hit reply.

🍿 Our Latest YouTube Video

🏠 What caught our eye last week

• Most expensive pending: $11M Enatai Waterfront Estate with Pool
• Highest % over asking sale: $1.16M Restored Green Lake
• Most expensive sale: $8M Mission Revival Estate in Broadmoor
• Least expensive sale: $215K Top-Floor Loft in the Talisman
• Most popular Seattle listing on Redfin: $425K Lakeridge Fixer

📰 Must-read real estate news

• A tale of two tech cities: San Francisco vs Seattle (Redfin on X)
• Docusign founder lists Mercer Island waterfront estate for $21.9 million (PSBJ)
• Bellevue luxury condo tower project racks up $150 million in pre-sales out of the gate (PSBJ)
• Luxury car and yacht club breaks ground on Salmon Bay (PSBJ)
• The Ex-Microsoft Exec Who Outbid Cher for an Antique Archway Is Selling His $9.75 Million Seattle Estate (Realtor.com)

📈 Small bump in new Seattle listings last week

Seattle: 271 new listings last week, up 4.63% w-o-w
Eastside: 171 new listings last week, down 2.84% w-o-w

📉Buyer demand falls off a cliff (down 27% yoy)

Seattle: 131 pending last week, down 20.12% w-o-w
Eastside: 88 pending last week, down 20.72% w-o-w

🔥 The hottest new listings

$3.75M New Modern Kirkland Home with Elevator and Six Bedrooms (First Look)

$2M Fully Rebuilt Mid-Century Bellevue Home with Five Bedrooms

$1.895M Pritchard Island Cape Cod Waterfront Home with 80-Foot Dock

Check out last week’s market update 8 offers and $500K over!? The truth about fall bidding wars

And don’t miss our next update, sign up for our weekly newsletter.