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Eastside weekly wrap-up: new listings flat week-over-week

By May 1, 2021

Market Report

Anyone hoping for 2019 levels of new listings this week (me) was sorely disappointed. On the Eastside, new listings were flat week-over-week as 241 homes were put up for sale. This is about halfway between the number of new listings this same week in 2020 (347) and 2019 (156). This is also the second time in 2021 that we’ve had two weeks in a row with the same number of listings. When this happened in February, new listings jumped 13.5% the week following – here’s hoping!

Homes going under contract dropped 17% week-over-week. This isn’t that surprising after hitting a new high for 2021 the week prior which was a 27% increase over 2019 After hitting a new high for homes going under contract the week before, pending home sales dropped 17% week-over-week. This isn’t altogether that surprising since the week prior was 27% over the same week in 2019. With new listings flat week-over-week, there was likely some buyer fatigue from those who lost out on homes the week before. 11% of the homes put under contract were listed this past week. Four of those sellers accepted offers within 24 hours of being listed, including this $1.66m new construction in Kirkland and this $1.18m single-family in Issaquah. 15 other homes went under contract after only one day on the market.

Of the 241 new listings this week, our favorites are a mid-century modern in Enatai overlooking Lake Washington, an East of Market modern industrial in Kirkland, and the views from this tri-level home on Mercer Island. Lastly, a nine acre farm on the Renton/Issaquah line went pending in just one day.

As we head into May, this year seems to be splitting the difference between 2020 and 2019. It’s going to continue to be a crazy market so hold onto your hats!

PS: Interest rates were below 3% for the second week in a row.

I am a broker and contributing writer for Urban Living. I love condos, houses, townhomes and helping people find the next space they call home!

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