Happy Election Day Night!

And that’s a wrap! Seattle’s fall real estate season officially wrapped up on Halloween (and what a great Halloween! On a Saturday and dry. So rare).

Now, the "Big Dark" officially settles in; for the next 3 to 4 months, the market slips into hibernation as attention shifts to the holidays. What to expect next:

• Inventory dries up: Expect far fewer new listings, and expect homes on the market to be pulled as many sellers hit pause and de-list until spring rather than watch their days on the market pile up.
• Sales slow down: Less inventory means fewer pendings, which means fewer closed sales through year-end. I expect we’ll see fewer sales this year than last year, but more than 2023. 
• Serious buyer leverage: As I’ve said many times, November and December are historically the best months of the year to score a deal. For buyers willing to brave the rain and shop what’s left, motivated sellers' pricing flexibility right now can be something else.

But while others are canceling their condo listings, we just listed a great 1-bedroom + den at Enso, a boutique concrete-and-steel building in the heart of South Lake Union. This one checks a lot of boxes: a proper entryway, airy 10-foot ceilings, protected 5th-floor views, and Whole Foods right across the street.

Seattle Prices Defy Gravity

Seattle’s median price continues to defy gravity! It inched up $30K month over month to $950,000, even though the number of homes for sale is essentially at a 14-year high. As expected, we saw fewer new listings than in September; the number of homes for sale is declining, and months of supply has peaked for the year. (Note: Data includes single-family homes and townhomes; excludes Condos).

• Median Price: $950,000 (+$30K MoM | -5% YoY)
• Homes for Sale: 1,853 active listings (-87 MoM | +16% YoY)
• New Listings: 851 (-329 MoM | -1.5% YoY)
• Closed Sales: 500 (+85 MoM | -19.5% YoY)
• Months of Supply: 3.6 months (likely peaked for the year last month)

Eastside Prices Rewind to 2021

The Eastside’s brief price bounce in September came to a sharp halt this month, with median prices tumbling $150,000 month over month to $1.5M, rewinding to 2021 pricing. The number of homes for sale peaked in September, but October listings were still up 47% year over year, while closed sales fell nearly 30% from last fall. (Note: Data includes single-family homes and townhomes; excludes Condos).

• Median Price: $1,500,000 (-$150K MoM | -9% YoY)
• Homes for Sale: 1,353 active listings (-158 MoM | +47% YoY)
• New Listings: 502 (-252 MoM | +15% YoY)
• Closed Sales: 269 (-40 MoM | -29% YoY)
• Months of Supply: 4.6 months (likely peaked for the year last month)

Wondering what your home is worth heading into winter, or looking to take advantage of year-end seller motivation? Just hit reply.

🏠 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

Wonder what your home is worth? Just hit reply.

🍿 Our latest YouTube video is blowing up

🏠 What caught our eye last week

• Most expensive pending: $5.99M Clyde Hill Northwest Idea House
• Highest % over asking sale: $3.36M Mercer Island Contemporary with Sauna
• Most expensive sale: $5.75M Bridle Trails Estate with Golf Simulator and Home Theater
• Least expensive sale: $150K Charming Uptown Co-op Near Seattle Center
• Most popular Seattle listing on Redfin:$149K Remodeled 1908 Co-op Steps from Seattle Center

📰 Must-read real estate news

• Former Michael’s Toyota executive sells Lake Sammamish home (PSBJ)
• Everett to roll out AI permitting tool to tackle housing bottlenecks (PSBJ)

📉 New listings plunge over 20% to wrap up fall

Seattle: 212 new listings last week, down 21.77% w-o-w
Eastside: 140 new listings last week, down 18.13% w-o-w

📈 A final burst of buyer activity to close out fall

Seattle: 144 pending last week, up 9.92% w-o-w
Eastside: 95 pending last week, down 14.41% w-o-w

🔥 The hottest new listings

$28M Medina Hamptons-Style Estate with Panoramic Views

$5.995M Escala Penthouse with Two Covered Decks

$4.3M Olson-Designed Corner Home in Pike Place Market

Check out last week’s market update A 27% drop in demand, an $11M pending, and what’s next

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