Eastside weekly wrap-up: buyers have to change tactics due to low inventory
New listings on the Eastside dropped 5% week-over-week with 239 homes hitting the market. The low inventory is making it much more competitive for buyers. Check out the insane competition in Seattle! Buyers put 243 homes under contract this past week the Eastside, marking the second week in a row with more homes under contract than new listings. Don’t be fooled by pending homes sales dropping for the second week in a row – there are definitely more buyers than new listings out there!
As such, buyers seem to be changing things up in their search criteria – going far outside their search area to the Kitsap peninsula or looking at vacant land so they at least know they have a lot to build on. We’ve gotten multiple calls this week for vacant land inquiries. If you’re thinking of building your own home or buying new construction, let us know! We keep tabs on all the builders on the Eastside and can help track down the right development for you.
For homes we liked, only a few caught our eye this week: a penthouse condo at One Lincoln tower in Bellevue, a $4.5M contemporary in Medina Heights, and a $6.5M waterfront contemporary in Newport Shores.