Eastside weekly wrap-up: nearly as many price drops as pending sales
Nearly 300 new listings hit the Eastside market this past week but that’s likely the last big week of listings until after Labor Day. Usually the market slows through August so everyone can get their summer fun in. 290 new listings is really good news for buyers. Even better news for buyers is that 146 listings posted price drops this week as sellers try to stand-out and scoop one of the scarce buyers still looking. Here’s a look at the listing activity in the past week:
|Listing activity:||# of active listings||# of new listings|
|# of price reductions|
|# of pending sales|
Despite the uncertainty about interest rates (relatively flat this week), buyer activity picked up this past week (162 homes under contract across the Eastside). It’s likely going to be a very slow the rest of the summer (except on Mercer Island apparently) as buyers are still figuring out budgets while trying to see if home prices will fall even further. With homes sitting on the market longer, there’s opportunity for buyer friendly offers (check out Matt’s Seattle update for some wins this week) which we haven’t seen in a long time.
Only a few listings caught our eye on the Eastside this week: An 11,000 square foot Ralph Anderson estate was re-listed in Issaquah, a $6M renovated mid-century on a large, half-acre lot in Bellevue, and a $3.8M PNW Craftsman on Mercer Island.
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