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Phinney Ridge Bidding War Ends 21% Over Asking Price

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A few weeks back we heard about the new norm of bidding wars for homes in Bellevue. Lest you think that's not taking place in Seattle, a house in the Ballard-Phinney Ridge neighborhood just sold for a whopping 21% above list price after 40 different buyers submitted offers.

The 3-BR/2-bath at 5620 7th Ave NW was listed for $535K on March 18 and went under contract in a week. It sold on April 15 for $650K. A classic 1925 Craftsman, the home is renovated with updated bathrooms and hardwood floors. French doors open to a deck with a private yard and vegetable garden.

Redfin says that home-buying competition has been so fierce in Seattle this year, 66% of offers submitted by their clients have faced rival offers. That number rises in Phinney Ridge (71%) and Ballard (73%). Happy hunting.
· 5620 7th Ave NW [Redfin]