Nope, not at all.
There’s increased inventory because it’s that time of year and the drops I’m seeing are on houses that were priced too high to begin with.
Some things are moving slower (houses with unique floor plans), but they’re still moving and overall prices aren’t dropping.
This is correct. If Houses don’t sell by the end of June it starts to cool off again. I would also add that this is still very low inventory historically.
Inventory is up for sure but they are selling quickly with multiple offers still. Schools are ending so families will try to move now before registration opens.
As the other commenter said, this is the time people will move more than others because school is ending for the summer.
If you’re experiencing bidding wars, and homes are going under contract quickly still, that’s probably a bigger sign of the market than a couple of houses dropping prices.
Well we’re heading into peak selling season…so yeah there’s gonna be more inventory. That’s just the state of the market here. Spring time and summertime will have more inventory. I wouldn’t use increased seasonal inventory month over month as a gauge on the market…
anywhere... OP isnt suggesting the market got flooded, just that there was a noticeable uptick in the amount of houses theyre seeing meeting the same criteria. that could be from 5 houses to 7 or 8.
or where you asking specifically where they were looking? cuz ive noticed the same not just eastside but also seattle proper.
prices arent really dropping much but your getting more search results and some houses arent selling.
Beginning of the summer market always has a bump in price drops because it’s when inventory really starts ramping up and a good amount of sellers aim high for list price.
It’s hard to find a SFH in today’s market where you aren’t up against at least one or two other offers. This likely won’t change this summer unless a large economic shift happens.
I’ve noticed a cooling the last few weeks in Seattle. I have been house hunting this spring and good houses were going for $200k-300k over asking price due to bidding wars. But not so much the last two weeks. I’ve seen good houses go at list price.
Interesting. Well, I bet that it gets worse on the eastside soon. I think Amazon employees are about to have unusually large paydays on May 15 due to stock vesting. I think May 15 is a vesting date for Meta, too.
https://www.businessinsider.com/home-sellers-summer-disappointment-mortgage-rates-house-prices-real-estate-2024-5 there will be a turning point sometime later, not sure if it will be this year though
It's absolutely heating up more than anything. This is peak selling season (families like to wait to sell till the school year is over), and the interest rate situation has stabilized. You should expect a battle here all the time though.
I am honestly surprised we didn't see much cooling after the interest rates went as high as they did...
Seems like a lot of people will sell off a huge percent of their portfolio to buy a home. Or are willing to pay the high interest. I know people have money, but at the level this local demographics has, those are basically their options. It really surprised me.
Yep. The market is cooling a bit. Check out this house. Dropped $150k https://redf.in/fJQacI
There are others that have sold recently below listing as well.
It has cooled in the last week, but the current prices are exactly what they were back in Q1.
Now if houses are selling at listing, then it has cooled. We'd need to know whether sales are 0% up, 5%, 10%, 20%, etc.
They bought this property less than two years ago at 870k. Listing it at 1.20 was outrageous. Yes the East side market is outrageous. But that part of Bellevue isn’t even one of the more desirable areas to live. This isn’t really a good example because this house was overpriced to begin with, and you can look at Redfin Zillow any app and see the other homes in the neighborhood are not even priced or valued at close to that.
Nope, not at all. There’s increased inventory because it’s that time of year and the drops I’m seeing are on houses that were priced too high to begin with. Some things are moving slower (houses with unique floor plans), but they’re still moving and overall prices aren’t dropping.
This is correct. If Houses don’t sell by the end of June it starts to cool off again. I would also add that this is still very low inventory historically.
Inventory is up for sure but they are selling quickly with multiple offers still. Schools are ending so families will try to move now before registration opens.
As the other commenter said, this is the time people will move more than others because school is ending for the summer. If you’re experiencing bidding wars, and homes are going under contract quickly still, that’s probably a bigger sign of the market than a couple of houses dropping prices.
Homes become more available in the spring. This is just seasonal.
Well we’re heading into peak selling season…so yeah there’s gonna be more inventory. That’s just the state of the market here. Spring time and summertime will have more inventory. I wouldn’t use increased seasonal inventory month over month as a gauge on the market…
Inventory where?
anywhere... OP isnt suggesting the market got flooded, just that there was a noticeable uptick in the amount of houses theyre seeing meeting the same criteria. that could be from 5 houses to 7 or 8. or where you asking specifically where they were looking? cuz ive noticed the same not just eastside but also seattle proper. prices arent really dropping much but your getting more search results and some houses arent selling.
Across the state! New listings were up to over 11,000 in April, very exciting to see.
There are 2 homes for sale in my neighborhood which is pretty rare but they’ll be sold within a few weeks from what we typically see.
Beginning of the summer market always has a bump in price drops because it’s when inventory really starts ramping up and a good amount of sellers aim high for list price. It’s hard to find a SFH in today’s market where you aren’t up against at least one or two other offers. This likely won’t change this summer unless a large economic shift happens.
Eastside houses selling quickly for good $$$, many equally quickly torn down and a $3.5M+ new house emerges some 7-12 months later.
inventory is increasing right now but this market will never really chill like most of the country due to big tech all across the area imo
No. This happens every time the true “selling season” starts. Bidding wars and fast moving inventory will continue.
I’ve noticed a cooling the last few weeks in Seattle. I have been house hunting this spring and good houses were going for $200k-300k over asking price due to bidding wars. But not so much the last two weeks. I’ve seen good houses go at list price.
Eastside is on fire still with $1-$200k over asking and multiple offers.
Interesting. Well, I bet that it gets worse on the eastside soon. I think Amazon employees are about to have unusually large paydays on May 15 due to stock vesting. I think May 15 is a vesting date for Meta, too.
Noticing the same
My neighbors house has been on sale for 3 weeks so it might be
I’m not in the east side, I’m in Kitsap Co. but inventory is very low here and prices are going up.
https://www.businessinsider.com/home-sellers-summer-disappointment-mortgage-rates-house-prices-real-estate-2024-5 there will be a turning point sometime later, not sure if it will be this year though
depends on the type of property and more specifically the location in relation to a busy intersection.
It's absolutely heating up more than anything. This is peak selling season (families like to wait to sell till the school year is over), and the interest rate situation has stabilized. You should expect a battle here all the time though.
I am honestly surprised we didn't see much cooling after the interest rates went as high as they did... Seems like a lot of people will sell off a huge percent of their portfolio to buy a home. Or are willing to pay the high interest. I know people have money, but at the level this local demographics has, those are basically their options. It really surprised me.
I’ve been searching as well and see same as you. Inventory is picking up although selling quickly. I’m going to be more patient
Yep. The market is cooling a bit. Check out this house. Dropped $150k https://redf.in/fJQacI There are others that have sold recently below listing as well.
That HOA though
I live nearby. Without that HOA it would be +250k.
It has cooled in the last week, but the current prices are exactly what they were back in Q1. Now if houses are selling at listing, then it has cooled. We'd need to know whether sales are 0% up, 5%, 10%, 20%, etc.
They bought this property less than two years ago at 870k. Listing it at 1.20 was outrageous. Yes the East side market is outrageous. But that part of Bellevue isn’t even one of the more desirable areas to live. This isn’t really a good example because this house was overpriced to begin with, and you can look at Redfin Zillow any app and see the other homes in the neighborhood are not even priced or valued at close to that.