š Buying below 2015 prices in Seattle right now?
Real estate agents are on an emotional roller coaster right now. One minute weāre consoling a seller and game-planning the next price reduction; the next, weāre celebrating a massive win for a buyer.
Our recent activity illustrates just how much the market has turned:
- Insignia: Our buyer just went under contract for $750K, well below the $880K it sold for in 2021, and even below its original 2015 price of $785K.
- Spire: Another buyer client secured a condo at $1.1M that sold last year for $1.31M (and brand new in 2021 for $1.39M).
- Washington Park: On the listing side, we helped our seller navigate a challenging market to get under contract, but the price is under $2M. They bought this home last year for $2.15M (and sold it in 2022 for $2.2M).Ā
I also had an example of a condo selling for the same price 20 years ago, but of course canāt find it now!
The Hammer House is SOLD
This was a special one. The Hammer House is a truly one-of-a-kind property, offered at a price point you rarely see for a home designed by Tom Kundig and built by a top-tier builder.
To prep it for market, we took a risk and partnered with a new-to-us stager who completely understood our vision (it helped that someone on their team interned at Olson Kundig!). We wanted furniture fitting for a Kundig, but soft enough to warm up the home's industrial edges. Instead of generic staging decor, we sourced gallery-worthy art from Ryan James Fine Arts. My favorite touch? The stager tracked down original architectural floor plans, framed them, and installed them along the gallery hall to the primary suite.
Combined with our usual prep of fresh paint, punch-list repairs, and refreshed landscaping, the home looked incredible. Over 100 people came through during open houses and showings.
š Homes weāre 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 with rooftop deck views
- A flexible 2-bed townhouse with rooftop city views
- A rare Kingsgate tri-level, first time on the market in 25 years
- Build your dream home on Perkins Lane
- A Westlake houseboat
Wonder what your home is worth? Just hit reply.
šæ Our Latest YouTube Video
š Listings That Caught Our Eye Last Week
- Most expensive pending: $15.9M Medina Hamptons-Style Estate
- Highest % over asking sale: $455K in Kent
- Most expensive sale: $3.9M North Mercer Island with Lake and Mountain Views
- Least expensive sale: $112K Top-Floor Federal Way Condo with Two Bedrooms
- Most popular Seattle listing on Redfin: $997K Renovated Ballard Craftsman
š° Must-read real estate news
- Bill Gatesā sister buys home in Broadmoor neighborhood for $7.1 million (PSBJ)
- Seattle-area homebuyers pay more down as mortgage rates climb (The Seattle Times)
- Gen Z is Moving (Jason on X) - A lot are moving here!
- Ranking counties by price reductions (Mike Simonsen on X) - King County is 50th out of 101 counties
- Seattle-area listings jumped 20.3% YoY in September, the biggest increase of any tracked US metro (Brian Hansford on X)
- More US homeowners now have a mortgage rate above 6% than below 3% (Mike Simonsen on X)
š Five weeks into the fall season, and buyers have all the power
Sellers keep listing more homes than last year at this time while pending sales lag behind. Buyers have more choice, less competition, and real negotiating leverage heading into year-end.
The numbers: 541 new listings vs. 247 pendings across Seattle + Eastside last week
Seattle: 321 new listings last week, down 9.07% w-o-w
Eastside: 220 new listings last week, up 0.46% w-o-w
Seattle: 147 pending last week, down 13.53% w-o-w
Eastside: 100 pending last week, down 0.99% w-o-w
š„ The hottest new listings
$14M Clyde Hill Estate with 180-Degree Skyline, Lake and Mountain Views
$3.3M Vashon Waterfront Retreat with Private Cove and Olympic Views
$2.5M Mercer Island Northwest Contemporary with Lake and Seattle Views
$2.35M Reimagined Mid-Century Home with Puget Sound and Mount Rainier Views
Check out last weekās market update The September Paradox: Highest Supply
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