🏠 20 offers in Fremont vs. 1 in Magnolia. (The market is weird.)
Seahawks! It’s safe to say no one will be touring condos downtown tomorrow, we’ll all be at the parade! 😂
Last week was a wild one in the market. We saw two completely different worlds:
- The Fremont Frenzy: We wrote an offer on a house listed at $1M. We knew it was popular, but we were blown away when 20 offers came in, pushing the price 30% over asking. To be honest, the math doesn't quite add up on that one, but a couple of buyers decided to "swing for the fences" and ignore the scoreboard.
- The Magnolia Mystery: On the flip side, we wrote for a client on a gorgeous home in Magnolia listed just under $1.9M, and we were the only offer! It’s a weird, segmented market right now. It’s a reminder that in this market, "list price" is often just a suggestion, and a really low starting list price can sometimes make buyers irrational.
Want to be a Billionaire's Neighbor?
In other news, if you have a spare $5M (well, $4.8M to be exact), Bill Gates just listed a 1950s mid-century home (though not mid-century style) right next to his famous Xanadu 2.0 estate in Medina. He’s owned it since 1995 as a privacy buffer, but now it’s up for grabs. It’s 2,800 sq. ft. with deeded waterfront access.
Good News for Your Wallet
Did you see mortgage rates today? They took a nice dip to 6.11%. It’s the lowest we’ve seen in weeks and a massive relief for anyone looking to jump into the spring market early.
Homes we're selling
- 🏙️ A loft in my fave boutique condo - check out this reel with 50K views!
- 🏙️ In Belltown - Condo with a view or a new one
- 🏙️ Corner unit at the Emerald
- 🔨 Build your dream home on Perkins Lane
- 🏙️ West-facing LQA co-op or one with original mahogany details
- 🛥️ An Eastlake houseboat
- 🏙️A Westlake condo with sensational east-facing views
- 🏚️ Townhome in the heart of Fremont
Listings that caught our eye
- Most expensive pending: Mercer Island legacy waterfront at $8.15M
- Highest % over asking sale: Loyal Heights brick Tudor for 21% over
- Most expensive sale: Yarrow Point home built by Wayne Dake for $7.35M
- Most popular Seattle listing on Redfin: Ravenna cottage for $1.4M (already pending!)
- 7 offers: Capitol Hill home closes in 6 days
Must-read real estate news
- Seattle-area homebuyers still skittish despite lower rates, prices (Seattle Times)
- ‘Full-scale migration of wealth’: Rich Washington and California residents flocking to Las Vegas (Seattle Times)
- A warning to Seattle: Don’t become the next Cleveland (GeekWire)
New listings and buyers demand tracking last year
Seattle: 275 new listings last week, down 12.1% w-o-w
Eastside: 178 new listings last week, up 11.9% w-o-w
Seattle: 203 pending last week, up 23.8% w-o-w
Eastside: 115 pending last week, down 8.7% w-o-w
Check out last week’s market update, 21 offers?! The market is heating up
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