Eastside weekly wrap-up: who scared all the sellers away?
Admittedly, I got really excited when we had two weeks in a row of new listings increasing. If I had looked one week ahead, I would have seen the pattern of these three weeks during the last two years. First two weeks of April, new listings increase and in the third week they drop. However, even if I had noticed that, I would not have predicted the 19% drop in new listings this past week on the Eastside! That’s tough news for buyers who continue to see fierce competition for homes. Hopefully historical trends continue next week which should give us another boost in sellers putting their homes on the market.
Things are still looking good for sellers though. We hit a new high for homes going under contract in a single week at 269 – an 8.5% increase week-over-week. If you’re thinking about selling, another motivating piece of trivia – median days on market for homes put under contract last week? Just five days! Some homes aren’t even making it to the weekend, like this West Mercer estate with 119 feet of shoreline that went under contract in three days.
If you’re looking to avoid the fiercest competition, head to Kirkland. Kirkland saw 50 new listings and only 43 homes put under contract. This was the biggest positive gap between new listings and pending home sales last week on the Eastside. By contrast, Issaquah and Renton are hot! Issaquah saw only 21 new listings last week but nearly twice as many homes, 40, were put under contract. In Renton there were 18 new listings and 27 homes put under contract. The core of the Eastside, Bellevue and Redmond were nearly equal between new listings and pending home sales.
*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