Welcome back from mid-winter break! Now that the kids are back in school, it’s officially “Go Time” for Seattle real estate.

The Single-Family Surge

Being a buyer over the last two months has been brutal. We just had clients lose out on a home yesterday. It was listed at $1M, received 16 offers, and is pending at roughly 37% over asking.

We’re telling these buyers to hang in there. While competition will remain, the “early-bird crazies” willing to pay 20-40% premiums usually buy a home in Q1 and are no longer your competition. Plus, as inventory increases, you’ll see multiple quality options in prime neighborhoods at the same time, which will naturally de-escalate things.

The Condo Conundrum

On the flip side, we’ve been working with many condo sellers, and that market is a different world. Last week, there were 330 condos for sale in and around downtown, yet only 18 went pending.

We’re hopeful that a return to the office, the I-5 mess, and the World Cup city cleanup will spark interest. However, with mortgage rates still hovering in the high 5s, the “math” for condos is tough. For condos to sell, we likely need a combination of lower rates and rising rents to make buying a condo more attractive than renting.

Too good not to share

• The “Mover” Special: If you’re looking for a project, a 6,230-square-foot Lake Washington mansion is available for just $700K (last listed at $8.5M!), with one catch: you have to move the house. But the price includes delivery! I’ve searched for a low-bank lot wide enough to accommodate it in the Puget Sound and came up empty. Hit reply if you know of a spot where this could land.
• The Escala Reality Check: Remember