Eastside weekly wrap-up: pending sales down 14% w-o-w as rates climb to 6.87%
When the week ended with mortgage rates at 6.7%, we thought that was wild and then Monday said “Hold my beer…” Rates have jumped to 6.87% to start this week! As such, it’s no surprise that pending sales were down 14% week over week as buyers re-think their budgets again.
Meanwhile, we saw 202 new listings as the owners trying to sell before the end of the year got on the market. There are 1,132 active listings on the Eastside and more than 10% of those (139) had price reductions in the last week. There’s opportunity out there for buyers who aren’t deterred by the interest rates.
For homes that jumped out this week, my favorite is this $9.85M west-facing waterfront home on Mercer Island but the eastward views from this NW contemporary in Bellevue are pretty amazing as well! Love Newport Shores? You’ll find a home on Skagit Key with protected moorage. And don’t miss this $1.9M custom-built contemporary in East Bellevue.
There were also a couple of large estates that hit the market! A large log cabin on nearly five acres is available in the Union Hill area of Redmond for $1.5M and a Pan Abode mountain retreat on 10 wooded acres is available in Issaquah.
Join us for our next home buying class is October 6th.