Eastside weekly wrap-up: both listings and pending sales dip
After marking the biggest week for both new listings and pending sales the week before, the Eastside saw dips on both fronts this past week. This echos the monthly numbers coming out of April:
- April single-family market update – median sales price eased as the market showed the first signs of slowing
- April condo market update – median sales price was flat but all other measures pulled back
It certainly feels like the market is starting to cool off but buyers are still worried about high prices and bidding wars. More homes are at the top of the budget and with rising interest rates and a weakening stock market, buyers aren’t able to bid as high as they could just a few weeks ago.
Stay patient! A cooling market in the midst of peak listing season will cause sellers to price more conservatively when they come on market and more listings will continue to spread the competition out.
For homes we liked this week, the favorite was this $6.4M modern home by Design Guild Homes in Meydenbauer that was on the market for just four days before accepting an offer. A $3M NW contemporary new construction from Merit Homes in South Rose Hill of Kirkland had a large price drop ($500k!).
We rarely miss a week without finding a mid-century to share! The stand-out this week was a $2.7M home in Medina Heights remodeled by Peter Swindley.
If you’re looking for acreage, you won’t want to miss this 25 acre estate in Redmond Ridge with a mountain ranch house. For condo lovers, this southwest corner unit on the Kirkland waterfront has views for days!