Eastside weekly wrap-up: new listings flat week-over-week on anniversary of pandemic
The Eastside buying frenzy continued last week with the same number of listings hitting the market as the week before. Buyers are having to fight out there as 240 homes went pending, an increase of 4.4% week over week. Of the 262 new listings last week, 39 are already under contract, spending an average of just 1.76 days on the market! We’re seeing buyers having to waive contingencies and shorten the closing timeline to win out over multiple offers.
As we hit the anniversary of the pandemic starting and real estate everywhere grinding to a halt, I think we were all holding our breath to see how we’d recover this year. Like a lot of things from the past year, is a mixed bag. Compared to this week in 2019, new listings are still down 6% this year and pending sales are up 11.6% this year.
I suspect that there’s a group of homeowners who are watching prices rise and homes sell in a weekend that are concerned about not just affording their next home but also just finding their next home. I previously reported that, in February, single family home prices jumped 24.9% month-to-month on the Eastside. That has to be tempting to a lot of potential sellers until they look more closely at the inventory constraint.
We’re going to watch the next six weeks pretty closely. Hopefully new listings trend closer and ideally above 2019. If not, the spring and summer of 2021 are only going to be wilder than the year has started!
*For the purpose of reporting on the Eastside, we’re looking at the following Zip codes:
98004, 98005, 98006, 98007, 98008, 98027, 98029, 98033, 98034, 98039, 98040, 98053, 98056, 98059, 98074, 98075