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Home / Market Report / Eastside weekly wrap-up: buyers continue to be scarce as the market cools

Eastside weekly wrap-up: buyers continue to be scarce as the market cools

By August 8, 2022

Market Report

It appeared to be a typical summer week for sellers as new listings continued to slow with just 204 homes getting on market this past week. Compared to years past, seller activity is right in line with 2019 (our “normal” pre-Covid year). However, for buyers, it’s a very different year primarily due to interest rates. While it was a 6% increase week-over-week, buyers only put 150 homes under contract last week.

Expanding the market overview, our July market reports for the Eastside* are out with continued price declines in both the single-family and condo markets. My hunch is that we’ll see an increase in buyer activity after Labor Day, especially as the market continues to shift and buyer friendly purchasing becomes more common despite the new normal of interest rates.

Last week it was waterfront homes, this week it’s homes with a view that caught our eye! Starting in Bellevue with this 10,000+ square foot home for $11M and a penthouse condo with lake views. For penthouse lake views in Kirkland, check out this unit at Harbour House.

Also in Kirkland, one of the five Heron homes is on market a year after being built by Conner Homes and this Bellevue mid-century home with Lake Sammamish views is nestled into the trees near Tam O’Shanter Golf Course.

For waterfront AND views, there’s a Westside Mercer Island home on the market for the first time in 38 years and a Lake Sammamish home in Issaquah that’s going to have amazing sunrises and sunsets from the south end of the lake.

Our next home buying class is on August 17th at 4 pm, RSVP.

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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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