Market Update: Inventory Surges While Prices Cooling?
The March data is officially in, and it confirms the trend we’ve been tracking: the market is shifting. We’re seeing a significant influx of homes hitting the market, but buyer appetite isn't keeping pace with the new supply.
The "Why" Behind the Shift
Interest rate volatility, influenced heavily by global tensions in Iran and Venezuela, is thinning the pool of buyers willing to take on 6%+ rates. Many would-be buyers are opting to rent for now, while more sellers are finally "giving up" their low pandemic-era rates to move on with their lives.
The takeaway? Unless you own a "dialed-in" $1M–$2M home in a prime neighborhood, selling is taking longer and requiring more strategy than in years past.
Seattle (SFH + Townhouses)
The Seattle market is seeing a decade-high level of inventory for this time of year.
- New Listings: Up 22.4% compared to last March.
- Active Inventory: Surged by 43% year-over-year. This is the highest March inventory we’ve seen in 10 years.
- Median Price: Now $942,000 (down $50k from last year and $7k from February).
- Sales Volume: 552 homes closed (up 9%), but supply continues to outpace demand.
The Eastside (SFH + Townhouses)
Inventory on the Eastside is rebounding at a staggering rate, returning to levels we haven't seen since 2019.
- New Listings: Jumped 35% over last year.
- Active Inventory: Up a massive 95% compared to March 2025.
- Median Price: $1,635,000 (down 14% from March 2025).
- Sales Volume: 292 homes closed (up 6%), yet the market remains supply-heavy.
The Park Row Phenomenon
Despite stalling sales at other luxury towers like Avenue and First Light, the buzz around Park Row, the only major condo project on the horizon for Seattle/Bellevue, is undeniable.
We got a sneak preview last week. Pricing guidance for a two-bedroom starts around $1,700/sq. ft., with west-facing units likely starting at $2,500/sq. ft. If you want the inside scoop, reply to this email. We have photos of the sales center and their pricing guidance.
Real-World Wins
The market is nuanced right now, and we’re helping our clients navigate it from both sides:
- For Buyers: We just helped a client beat out two other offers for a charming home in Seward Park. Conversely, for many other listings, there’s no offer deadline, or we’re seeing offer deadlines pass without bids, allowing us to negotiate under the asking price just a few days after the home hits the market.
- For Sellers: Preparation is everything. "Turn-key" is the requirement, not the suggestion, if you want to move quickly. What does that look like? Here’s a home we just listed in the Central District. It is dialed.
🍿 Our Latest YouTube Video
🏠 Listings that caught our eye last week
- Most expensive pending: Newport Shores 1.25-acre waterfront parcel at $6.5M
- Highest % over asking sale: Beacon Hill midcentury modern for 44% over
- Most expensive sale: Laurelhurst waterfront for $14M
- Least expensive sale: Wedgwood condo for $274K
- Most popular Seattle listing on Redfin: Seward Park split-level for $599K
📰 Must-read real estate news
- Seattle-area housing market has a déjà vu moment (Seattle Times)
- Seattle-area homeowners face a remodeling sticker shock (Seattle Times)
- Mercer Island estate once owned by Walter Schoenfeld hits the market (PSBJ)
- Downtown Seattle visitors rebound to 2019 levels, but workers lag behind (Seattle Times)
- Fight over private home listings heats up in WA as real estate giants clash (Seattle Times)
👀 Buyer demand continues to trend down
Seattle: 191 pending last week, down 1.6% w-o-w
Eastside: 118 pending last week, down 6.4% w-o-w
New listings slow thanks to Easter and spring breaks
Seattle: 358 new listings last week, up 8.5% w-o-w
Eastside: 242 new listings last week, down 13.6% w-o-w
🔥 The hottest new listings
$16.5M Mercer Island NW contemporary
$5.8M Bainbridge Island modern
Check out last week’s market update, 9 Offers in Frelard + 40% over asking for a condo!?
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