Last week, we looked at the surprising resilience of Seattle’s single-family home prices in the face of increasing inventory. The Downtown Seattle condo market, however, tells a very different story.

Check out the median price per square foot chart below; Downtown Seattle condos ($621/sq ft) have essentially reset to 2016 levels, erasing nearly a decade of gains.

Just as fascinating is the market flip between the two sides of the lake:

• The Pre-Pandemic Era: Downtown Seattle consistently sold at a premium over Downtown Bellevue.
• The Post-Pandemic Shift: Bellevue overtook Downtown Seattle and now commands a significant premium ($862/sq ft), demonstrating much stronger price resilience while Downtown Seattle has continued to soften.

P.S. Don’t miss the first eye candy listing below. The HOA dues are $21K a month!

🏠 Homes We’re Selling

• 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
• The "Hammer House," an Olson Kundig masterpiece in Madrona
• A completely transformed Eastlake floating home with rooftop deck views
• A brand new Madison Valley home
• A Burnstead in Illahee w/ fresh updates, looking for its second owner ever!
• A flexible 2-bed townhouse with rooftop city views
• A rare Kingsgate tri-level, first time on the market in 25 years
• Corner unit at the Emerald
• West Seattle townhome with built-in income potential
• Build your dream home on Perkins Lane
• First Light studio
• A Westlake houseboat

Wonder what your home is worth? Just hit reply.

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🏠 Listings that caught our eye last week

• Most expensive pending: $9.5M Clyde Hill Estate with Lake Washington Views
• Highest % over asking sale: $1.172M Montlake Contemporary Home
• Most expensive sale: $6.5M Historic Magnolia Waterfront Estate
• Least expensive sale: $216K Condo in Gated Glen Acres Community
• Most popular Seattle listing on Redfin: $950K Mid-Century Home

📰 Must-read real estate news

• Seattle’s ‘shaky tech market’ hits home sales (Seattle Times)
• Buyers of McCaw estate sell second Laurelhurst home, this one for $15 million (PSBJ)

No slowdown for Seattle sellers

Seattle: 335 new listings last week, up 15.52% w-o-w
Eastside: 249 new listings last week, up 20.29% w-o-w

But Seattle buyers are on vacation

Seattle: 138 pending last week, down 23.76% w-o-w
Eastside: 126 pending last week, down 5.26% w-o-w

🔥 The hottest new listings

$15M Four Seasons Residence with Elliott Bay Views

$5.35M Custom Waterfront Estate on Puget Sound

$3M Modern Camp-Style Home (Already pending!)

$985K New Construction in North Beacon Hill (Already pending!)

Check out last week’s market update, 15-year high inventory, but prices won’t budge!?

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