Eastside weekly wrap-up: new listings drop 10% week-over-week
While new listings ticked up slightly in Seattle this week, the Eastside saw a sizeable pullback in new listings hitting the market. Compared to the week before, we saw 10% fewer listings. This could be due to private school spring break and the Easter weekend.
Either way, that didn’t stop buyers from putting nearly 13% more homes under contract than the week before. This continues the trend of more homes going under contract than hitting the market each week (9 out of 13 weeks to start the year). Despite the rate pause this week, climbing mortgage rates are likely driving people to buy in fear of a big jump in rates.
A few big pieces of news for the Eastside this week:
- On top of adding 25,000 jobs to Bellevue over the next few years, Amazon is expecting workers to return to an office-centric work environment by the fall
- Alliance Residential Co. completed a $36m purchase in downtown Bellevue with plans to add a 150-unit luxury independent living tower and a 190-unit mid-rise luxury apartment tower; construction is scheduled to begin in June
Beyond that, we’re starting to see several “summer ready” homes hit the market like this $3m waterfront remodel in Renton and $2.5m modern home with a backyard pool in Kirkland. Expect new listings over the next few weeks to emphasize their outdoor and summer fun features. If they’re on the water, expect them to sell fast, like this $6m Lake Sammamish home that went under contract after just one day on the market!
Thinking of buying this year or next? Check out our home buying class Tuesday from 4-5 pm via Zoom.
*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