Eastside weekly update: new listings pull back 9%
Our six week run-up of new listings broke this week as sellers held off putting their homes on the market. New listings pulled back 9% week-over-week on the Eastside. This could be for a number of reasons but if any of those sellers need to buy before they list, interest rates of ~5% may be what’s causing them to wait.
Or, it could simply be that they can’t afford the next home with median prices hitting new records again (single family: $1.76M) and homes selling for 20% over list price. These are February numbers and I expect those to come down slightly in March but not much…
Buyers that could compete stayed busy though! 213 homes were put under contract for the second week in a row. If you’re thinking about the low inventory and trying to decide if it makes more sense for you to purchase a plot and build a custom house, check out our updated guide on costs and timelines. Expect it to costs quite a bit and to take a couple of years.
Our favorite homes this week – we have to start with mid-century: a Paul Hayden Kirk home on Mercer Island accepted an offer after two days on the market and a remodeled mid-century is available in Bellevue. Check out this $8M new construction in Vuecrest and Renton is starting to look like Bellevue and Kirkland! A corner unit in the south tower of Bellevue Towers hit the market this week. If you’re looking for water-front possibilities, there are two parcels on Lake Sammamish looking for remodel or new construction.
Reminder! Our next home buying class is April 6th. RSVP.