Eastside weekly wrap-up: listings are up?
I was expecting new listings to drop again this week but they actually ticked up nearly 5% week-over-week. There’s a bizarre plateau of new listings happening right now (see the graph above). This is likely being driven by buyer activity over the last several weeks and price escalations (our monthly report on the market comes out this week).
That said, buyer activity this past week dropped off 23%. This wasn’t surprising given the drop in new listings the week before. Many buyers will be tabling their search until the spring when there’s more inventory but they should expect higher prices as well. For sellers, we still think that if your house is in good shape and you price it well you will do very well listing right now.
For new construction updates, a 7-story residential project has been proposed at the site of the Silver Cloud Inn over in Bellevue. Not a ton of details yet but we’ll keep an eye on it and let you know when the developers determine the plan.
For homes we liked this week, the skylight and remodel in this Medina home was a favorite and a midcentury overlooking Lake Sammamish caught our eye. Want to live in a former fire station? There’s one available in Kirkland!