🏠 The Seattle market is doing something very weird right now…
The Seattle Market Continues to Defy Gravity
The May data is officially in, and we are currently staring at a city that is simultaneously nearing an all-time high for median single-family (and townhome) prices while also carrying the highest amount of inventory we’ve seen in a month of May since 2012. Usually, when supply (and interest rates) surge like this, prices cool off.
At least the Eastside is acting like a rational market: as supply has increased there, median prices have actually ticked downward. If anyone has a grand theory on why Seattle continues to completely defy gravity, please hit reply and let me know.
Seattle: Median Price Nears All-Time Highs
The Takeaway: Supply is steadily outpacing demand, yet prices refuse to budge. Despite inventory hitting a 14-year high in May, fierce competition for the right homes continues to push prices toward record highs.
- Median Price: $1,025,000 (Up $37k YoY; higher than the 2022 peak of $1M, and closing in on the 2025 peak of $1,040,000)
- Total Inventory: Up 16% YoY (The highest volume of May homes for sale since 2012)
- New Listings: Down 6% YoY (And down 2% from March)
- Sales Volume: 595 homes closed (A minor 2.4% bump over last year, and just slightly higher than April)
- Months of Supply: 3 months (The highest level seen in the last 14 years)
The Eastside: Growing Supply Keeps Prices in Check
The Takeaway: A massive 44% inventory spike has given Eastside buyers breathing room, turning the tables to create a more balanced market. Buyers are flexing their negotiation power, leading to a noticeable month-over-month price correction.
- Median Price: $1,675,000 (Down $35K from April, representing a 10% YoY dip, though prices are still up $60k since March)
- Total Inventory: A massive 44% jump over May 2025 (Another 14-year inventory high)
- New Listings: Up 7% YoY (And pacing ahead of April)
- Sales Volume: 330 homes closed (Up 18 units from April, but down 1% YoY)
- Months of Supply: 4.5 months (The highest level seen in the last 14 years)
Eastside Condo Gossip: $100M at Park Row
If you want something else to puzzle over, look no further than the Bellevue luxury condo market. Park Row has quietly absolutely crushed it, hitting a massive $100M in pending sales right out of the gate.
Meanwhile, over at Avenue, which just announced a massive rebrand to Nobu Residences Bellevue, only two condos have closed all year. To be honest, I was a bit skeptical when the Nobu rebrand first dropped, but bringing in their global ecosystem and a 10,000-square-foot destination restaurant is exactly the kind of shot in the arm that development needs to jumpstart sales.
The other big gossip down the street? Mari has finally brought on a brand-new sales team after sitting without one for six months. They still have about 50 homes left to move, so it will be fascinating to watch how the new team positions them against Nobu and Park Row.
Team Updates: Dipping Toes & Bidding Wars
On our end, the spring market has kept us incredibly busy!
- Just Listed: We just listed a fantastic starter floating home for $700K. If you’ve ever wanted to live life on the water, this is your chance, and yes, you actually own the slip.
- Pending: Our other floating home listing, the $2.75M Westlake home (the largest on Westlake), is officially pending!
- Buyer Demand: The headlines talk about rising supply, but the buyers are absolutely still out there. We helped our clients put two homes and two condos under contract in just the last week alone.
And because we all love a good bidding war story: we helped a buyer make an offer on a home in Ravenna on Monday. It was listed at $1.3M, had 7 offers, and ultimately got pushed all the way to $1.55M! After missing out on this home, we pivoted and offered below list price on a nearby home that had just gone past its offer review deadline with no offers.
🏠 Listings that caught our eye last week
- Most expensive pending: Kirkland new-build at $4M
- Highest % over asking sale: Maple Leaf midcentury modern for 36% over
- Most expensive sale: Mercer Island waterfront for $7.4M
- Least expensive sale: Shoreline condo for $215K
- Most popular Seattle listing on Redfin: Phinney Ridge craftsman for $1.4M (already pending)
📰 Must-read real estate news
- Seattle Storm co-owner Ginny Gilder sells Capitol Hill home (PSBJ)
- Former Bed Bath & Beyond in downtown Seattle eyed for data center (PSBJ) – This would be good news for First Light since it will only be 6 stories.
New listings rebound after long weekend
Seattle: 360 new listings last week, up 10.2% w-o-w
Eastside: 329 new listings last week, up 20.1% w-o-w
Buyers took a breather last week
Seattle: 165 pending last week, down 33.9% w-o-w
Eastside: 117 pending last week, down 21.5% w-o-w
🔥 The hottest new listings
$10M Mercer Island Contemporary
$4.9M Broadmoor midcentury modern
$2.8M cool house on Bainbridge
$2.2M Hilltop midcentury modern
Check out last week’s market update, A Nobu re-brand hits Bellevue + the calm before the listing storm
And don’t miss our next update, sign up for our weekly newsletter.
