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Eastside weekly wrap-up: slowest week for new listings all year

By September 4, 2021

Market Report

We’ve been cautioning buyers and sellers that the week before Labor Day weekend would be slow. Turns out it was the slowest week for new listings all year! Only 126 homes hit the market on the Eastside, a 46% drop week-over-week. Hopefully this means we get the pop in listings next week that we’re expecting.

However, buyers were still busy putting 254 homes under contract last week (up 9% week over week). These were likely the buyers that wanted to wrap up their home search before school started. I expect this to drop significantly next week due to lack of new listings and the long weekend. For example, we scheduled 14 tours for tomorrow on wide open calendars – not a lot of touring activity this weekend!

For homes we liked this week, there were just a couple – a $4.4M new construction on Mercer Island and this $3.7M west-facing cottage on Lake Sammamish with a private dock and 60 feet of waterfront.

In the new construction front, it was a busy couple of weeks! Conner Homes released more lots at Meadowleaf in Sammamish, Heron is down to the last of the five homes, and we learned about the Hudson development coming to Woodinville in 2022. Avenue Bellevue has sold five more units in the last two weeks which should put them above 40% sold in both buildings. And if you were waiting on more info on Stone Creek at Sammamish from Toll Brothers, they released their home designs this past week.

The PSBJ reported that Solera, a massive mixed-use housing project in Renton, is moving forward after a ceremonial groundbreaking on Tuesday. The Sunset neighborhood development will include nearly 600 apartments and nearly 100 for-sale townhomes. Led by DevCo, a private real estate investment company that focuses on affordable housing, the project is slated to have it’s first phase completed in 2024 and the townhomes will be built in the third and final phase.

In other growth news, Goldman Sachs has signed a 99 year lease for 1.2M square feet of office space for the two towers at Bellevue Straits. No word on how many workers they want to bring to the area or if they plan to sub-let to other companies looking for office space yet.

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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