Eastside weekly wrap-up: new listings bounce back to 2019 levels
The big surprise of this past week are the 263 new listings that came on the market. Increasing 18% week-over-week, this matches the same week in 2019 which is a really good sign! Hopefully this continues over the next few weeks as well. What is not surprising the 11% week-over-week drop in homes going under contract. We were expecting this with private school breaks happening.
If you missed it, our other headline this week is single-family home prices hitting an all time high in March – a whopping $1,410,000 on the Eastside! They’re also spending a record low five days on the market. Sellers, homes are still selling fast. Buyers, be patient – Matt is predicting a market correction in the second half of the year as interest rates and vaccinations rise. If you’re interested in buying a condo, we’re seeing some life come back to the condo market as well. Inventory has been on the rise since the low in January. Prices are also on the rise which should entice even more sellers out – especially if single-family home inventory continues to increase!
Among all the new listings this week, three Eastside listings caught our eye. A mid-century modern rambler in Clyde Hill with an inner courtyard with a water feature. Also in Clyde Hill, a contemporary new build with a great open layout. And my personal favorite, a Beaver Lake waterfront home with full walls of south-facing windows!
If you’re curious about rentals, I’ve been working with a couple of renters over the last few weeks. Single-family rentals seem to remain fairly competitive like the home-buying market. Condo rentals seem to be open to negotiation and are offering a wide range of incentives. I had one client who was able to start a bidding war between three units for her tenancy!
*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
