I’ve waited my entire career to bring you a house this special
Meet the crown jewel of Crown Hill:
The perfect blend of original mid-century elements and modern updates. Built by famed builder Lagerquist, this home has had only 3 owners in all of its years. Gleaming hardwood floors. Brick, wood-burning fireplace. Clean lines and curved plaster moldings. The attention to detail in this home is remarkable!
From the hand-carved solid wood front door to the tasteful full remodel of both bathrooms, this home is a show-stopper from every angle. Loving maintained and improved, this home is the definition of move-in ready.
The kitchen really helps set this home apart from all the rest. It has escaped the bad remodels that many homes of this era have had to endure, and is the perfect balance of original details, such as the real wood cabinets and original hardware, and modern upgrades. New stainless appliances really compliment the vintage charm of this large and thoughtfully laid out kitchen.
It’s no surprise that we had a decline in number of new listings over the 4th of July weekend.
Even with fewer new listings across the board, we are seeing an increase in popularity with the offer review date. Over half of houses and almost 1/4 of condos that came on the market this week had an offer review date.
I found it! The affordable home you say doesn’t exist!
That’s right kids! This condo is an excellent location. Close to City Market, right on the Rapid Line route and with food and coffee and grocery all within a few blocks. And it is priced at just $250,000!
For less than half the average sales price of a condo in Seattle, you can be the proud owner of this gem. You have your own exterior entrance, so no fears of common spaces or germy neighbors! The building is also dog or cat friendly, so Fido or Whiskers will be happy here with you as well. Imagine how easy early morning or late night potty breaks will be when all you have to do is step out your door and nature is right there!
Can we talk about the big living room with a real wood-burning fireplace? Talk about the perfect spot for chilly Fall evenings with a book.
And you get 2 bedrooms. No more cramped work from home space with your bedroom as your Zoom background. You can build the office of your dreams and be able to shut the door when you are done for the day and relax in the rest of the house. The primary bedroom is BIG and has a big old closet to match.
And since we are all cooking so many of our meals at home now, you will love this kitchen. Lots of counter space, tons of cabinets, and those coveted stainless appliances (including dishwasher!) are all here. Peek out the window while you prep at the kitchen sink, or gaze out at the dining room and living room thought the open passage between the kitchen and the dining room. Imagine stopping at City Market, buying all the freshest ingredients, then coming home and making a delightful dinner.
Let’s not forget about your private garage. Not a shared garage. Your own little garage! Park your car in there. Or keep all your camping stuff or holiday decorations or bicycle collection in there. It’s all yours do whatever you like! You also get one uncovered parking spot, so your car is taken care of either way.
If it was me, I’d buy this sweetheart, toss down some luxury vinyl flooring, throw up a fresh coat of paint and move right in!
What we care most about is the home prices in Seattle. Let’s take a look at the median sales price in Seattle:
Prices for houses and townhouses are up, both year over year and month over month. Despite the fact that we have less than 2/3 the number of homes for sale this year compared with last year, we still have more houses selling now than we did last year.
Condo prices continue to soften, and we are seeing far fewer condos sell this year than we did this same time last year.
#2 – How competitive??!?!?
The offer review date was really hit or miss this month. The offer review date for condo is less than 12% of all new listings each week, but the offer review date is more common with houses and townhouses:
June Week 1 = 37% of new listings had offer review dates – Only 43% of those with offer review dates this week went pending on the offer review date
June Week 2 = 42% of new listings had offer review dates – 67% of those with offer review dates this week went pending on the offer review date
June Week 3 = 45% of new listings had offer review dates – 68% of those with offer review dates this week went pending on the offer review date
June Week 4 = 42% of new listings had offer review dates
House sold for an average of 101% of the list price, indicating that many homes were still seeing multiple offers.
Condos sold for an average of 99% of the list price, and have been for many months now.
#3 – How long??!?!?
Homes and condos took longer to sell in June than they did in May. Homes sold in an average of 19 days (compared with 16 last month), and condos sold in 27 days (compared to 25 days last month). Both houses and condos sold in the same number of days that they did back in June 2019.
#4 – Other Fun Metrics
Houses have 1.1 months supply of inventory. Last month was 1.7 months and last year was 1.9 months
Condos have 3.6 months supply of inventory. Last month is was 3.9 and last year it was 3.3 months.
The total number of available houses for sale was 899, only a 2% increase from last month, but a 41% decrease from 2019.
The total number of available condos for sale was 638, a 22% increase from last month, but a 13% decrease from 2019.
Even thought we have 40% fewer homes for sale this year than we did last year, we have just as many going pending. That means we have INCREDIBLY strong buyer demand for houses in Seattle right now.
Condos are a different story. We have very similar buyer demand week over week and compared to last year, but a jump up in the number of new listings, and total condos for sale. With the rate of supply (number of new listings) is significantly higher than the demand (number of pending listings), we see an ever softening condo market.
Let’s talk more about houses. We are still seeing strong buyer demand, but not an increasing number of homes with offer review dates. The percentage of homes with an offer review date dropped a bit this week. And of the homes that had offer review dates last week, only a little more than half of the homes got an offer on the offer review date. Without multiple offers, prices do not drive up quickly. While it is a good time to be a seller since buyer demand is high, we are not yet seeing metrics that show that we have a frenzy that will jack up prices. At least not yet.
Summer is the new Spring.
We typically have the surge of new listings and overly eager buyers in the Spring. We saw that behavior start early again this year, with February and early March being record breaking months for Seattle real estate. The COVID outbreak and corresponding city shut down brought real estate to a crawl. Now that we are settling into our new rhythm, the real estate market has picked back up.
New Listings Each Week in 2020:
As you can see, we ramped up in February, then a steep drop in mid-March. This week we have the most number of new listings of any week so far this year.