Eastside weekly wrap-up: is this market active or not?
New listings are up nearly 5% week-over-week on the Eastside this past week. 198 new listings matches the 2019 levels (the last “normal” year). Some folks will say that this is way below 2020 and 2021 levels but remember that August/September was when listings hit their peak in 2020 and then it stayed hot through 2021 due to low interest rates. We might see another increase next week but historically the big bump is the week after Labor Day.
On the other hand, pending sales dropped 6% after increasing for two weeks in a row. There are still buyers out there, and quite a few of them, but declining inventory from the last few weeks coupled with another bump in rates (5.72% this week) has them still trying to figure out if it’s a good time to buy or not. We’ve had several buyers who paused their search earlier this year reach out to see if they could jump in now that there is less competition. For those watching the market, 163 homes on the Eastside had price reductions in the last seven days!
Quite a few homes stood out this week, especially if you like the PNW Contemporary design! A $4.6M modern with lofted ceilings in Houghton and a Rose Hill home from Merit Homes on the market after being built a year ago. Also in Kirkland, this custom home in Forbes Creek has a dynamic exterior with the sought-after high ceilings and open concept.
For waterfront and views, this Newport Hills home on Lake Washington Blvd has 50 feet of waterfront and endless western views.
Our two favorite homes this week were, to no one’s surprise, mid-century moderns. This $1.8M gem on the Westside of Mercer Island has a heated saltwater pool that went pending in just one day on the market. And the showstopper is this $2.8M Paul Hayden-Kirk in Bellevue on the market for the first time in more than 20 years.