Inventory Floodgates Open
New inventory has been relatively flat every week this year, but that all changed this week. I could hardly keep up with my email alerts for new homes coming on the market this week and today’s numbers confirm that.
This week we saw 255 new listings come online in the Seattle / Bellevue / Kirkland areas that we’re closely monitoring and 29 are already sold. New listings are up 33% this week and the percent sold the same week is also up 12%.
Here’s how that breaks down by each region we’re tracking. Again, most of the action was on the Seattle side of Lake Washington this week with the biggest jump in NW Seattle and Magnolia/Queen Anne. Kirkland also saw a HUGE (150%) jump from the trailing several week average. We’ll talk more about Kirkland insanity below.
This Week’s Battle Scars
We knew the lull last week was an anomaly because of the holiday week, bidding wars were back in full force this week. We were involved in two that are informative of the market in general. First there was this cute rambler in Shoreline that we knew was going to be a little crazy when we showed up for a pre-inspection and found six (6) concurrent pre-inspections happening. The best way to describe the scene was like a doctor’s waiting room. Everyone was sitting/standing wherever they could find space, nervously looking straight ahead. There ended up being 12 offers and the $425K home sold to an all cash buyer for over $500K.
Then there was this nice 1-bedroom view condo by Gasworks that only had two concurrent pre-inspections while we were there, but ended up with 5 offers and the agent won’t share how much it sold for.
We’ve seen prices jump like step functions across the region over the last year and I think we’re about to see that happen in Shoreline this year. Between the home we lost out on and this home that closed this week for $500K on $439K list price, I think we’re about to see the end of turnkey homes in Shoreline under $500K.
Suitcases of Cash in Kirkland
Finally we’ll look at what’s happening in Kirkland. We’ve been keeping a close eye on Kirkland because we have a few buyers looking as well as a new listing coming on in a couple of weeks. This particular home caught our eye because it’s similar to our future listing. I just spoke with the agent and got the inside scoop, it was listed for $875K and will be closing on Monday (2 weeks later) for $1.1M. You guessed it, suitcases full of cash.