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Home / Market Report / Eastside weekly wrap-up: interest rates continue to climb while the market cools

Eastside weekly wrap-up: interest rates continue to climb while the market cools

By June 20, 2022

Market Report

As Matt mentioned in his Seattle weekly wrap-up, rates topped out at 6.28% last week so it’s no surprise that the weekly numbers from the Eastside continue to cool off. New listings dropped 13% last week (and down 10% year-over-year) as sellers are getting cautious about whether or not they’ll find buyers for their properties. That was still 275 new listings hitting the market and sellers, if your home is prepped well and priced right, it should get the attention of the buyers that are out there. Priced right also includes listing at a price you’re willing to accept if you only get one offer!

Buyers only put 142 homes under contract last week across the Eastside. It’s not surprising as the record home prices (remember that Bellevue passed Manhattan this year!) and higher interest rates are causing buyers to go back and re-evaluate their budgets. That said, 178 Eastside properties had price reductions in the last seven days so keep being patient. More homes will sit on market longer and be priced more in line with the current market over the next few weeks.

We’re supposed to finally get summer weather next week so it’s no surprise that most of the homes we liked this week are either on the water or have great water views like this contemporary home on Mercer Island or 60 feet of downtown Kirkland waterfront or a waterfront condo (my fave) also in Kirkland.

Don’t miss this $10.75M modern home in Medina with lake views. And it wouldn’t be us if we didn’t highlight at least one mid-century modern like this gem in Bridle Trails!

Stop by our Zoom home buying class on Wednesday if you’re trying to figure out this market!

I am a broker and contributing writer for Urban Living. I love condos & townhomes and helping people find the next space they call home!

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