Full gas, hang on! 200+ new listings this week and 31 sold


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We left off last week raising some concern that we’re reaching peak insanity in the current market, but the fundamentals are still strong. Amazon reinforced that this week by saying they’re going to create 100,000 jobs in next 18 months. Obviously these won’t all be in Seattle, but if that translates to a more profitable Amazon, that will mean higher home prices as Amazon employee’s stock becomes more valuable.

Homes started hitting the market right after the new year, but the velocity dramatically increased this week. We saw over 200 new listings pop up in the Seattle/Bellevue/Kirkland area and 31 are already sold. This is the craziest first full week in January we’ve ever seen.
We put together this summary map of what were seeing in by each region we’re tracking. While it’s great to see so much more inventory coming online, it’s alarming that 15% of that inventory is already sold. Several homes we toured this week only allowed a couple of days before reviewing offers and some took offers as soon as they were listed.

1-13-2017-new-solds

We’re also starting to see sellers being surprised by the demand for their homes and responding with price INCREASES before the offer review date. This Greenwood tear down caught my eye at $350K knowing it will go closer to $500K, then they raised the price to $400K. This Capitol Hill town home was more surprising. It was listed at $890K, then raised it $100K to $990K, and digging in more this property originally started at $1.425M. It will be interesting to see where this one lands.

We toured and created 31 videos of 31 homes last week, this one while not a great video tour shows how busy the market is from the front lines of a Phinney area town home that only lasted 5 days.


Custom Bushwick video tour of 6245 5th Ave NW Seattle, WA 98107. Apologies for poor video, the house was really teeming with agents, inspectors and buyers.

To quantify the growth and put it in perspective, the Puget Sound Regional Council reports that an average of 236 people move to the Puget Sound region every day. The Seattle Times says 58 construction cranes joined our skyline this summer, more than any other city in the country.


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