Eastside weekly wrap-up: new listings dip 8%
Amid a week of Bellevue’s soaring home prices, concrete strikes stalling new development projects, and Avenue Bellevue continuing to sell condos quickly, new listings dropped 8% week-over-week. This has got to be frustrating for many buyers, especially as mortgage rates hit 4%. Be patient! New listing volume will continue to see-saw until we’re on the other side of school breaks which range from 2/17-2/25 in most districts. That didn’t stop buyers from putting 157 homes under contract this past week.
Speaking of rising prices, after Matt broke the news that Bellevue has passed Manhattan in terms of price we thought it would be good to look at the other Eastside cities and how they compare to Seattle. It’s hard to believe that Seattle counts as an “affordable” city but compared to prices on the Eastside, that may be the case! Microsoft’s data on affordability says that essential workers can’t afford to live in the cities they work in.
|City||Median Sales Price (Single-family)||vs Seattle|
Stand out homes this week were a mid-century on the market for the first time on Mercer Island, an a-frame overlooking Meydenbauer Bay, and, also in Meydenbauer, an “ultra luxury” new construction home was listed at $39M with potential space for a 65 foot yacht.