Eastside weekly wrap-up: new listings slow way down; competition still fierce!
Only 172 new listings came on the market on the Eastside this past week, a drop of 18% week-over-week. Factoring in the bump last week, new listings have dropped by nearly 30% in the last three weeks. The seasonal decline in listing activity is definitely here and most sellers will be advised to wait until 2022 to list their homes.
Buyers were still busy though, putting 216 homes under contract, nearly the same as the week before. This is about the time that most buyers will consider putting their search on hold until the spring. However, don’t expect competition to drop off. We helped clients offer on a house in Lynnwood listed at $925k and at 10% over asking we were in the middle of the pack of 9 offers and heard that the highest offer was nearly 20% above list price!
For homes we liked this week, the views from this $9M NW contemporary in Clyde Hill takes the cake. Don’t miss this quintessential PNW home on a private Mercer Island road with 20 feet of shared waterfront. This Ralph Anderson designed home in Clyde Hill was listed at $2.2M and went pending the same day it was listed! For condos, a top-floor corner unit is available at the Villa Firenze in Bellevue!
For news around the block, we were saddened to learn that The Bellevue will be luxury apartments rather than luxury condos but it’s the same team that brought us 2 Lincoln Tower so I expect those apartments to be just as great. Marc Stiles at the Puget Sound Business Journal was at it again and reported that Bosa has bought a 3.3 acre development site in Bellevue at 44 and 102 Bellevue Way – no submitted plans yet but hopefully more great condos like One88!
If you’re looking to get a grasp on this crazy market or start planning your 2022 home search, Matt is hosting a Zoom home buying class on Wednesday, October 6th @ 4 PM. If you can’t make it, we’re also happy to meet for coffee or have a one-on-one chat, just shoot me an email at [email protected]!