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Home / Market Report / Eastside weekly wrap-up: pending sales drop 22% week-over-week

Eastside weekly wrap-up: pending sales drop 22% week-over-week

By October 3, 2022

Market Report

The week prior saw mortgage rates edge above 7% and last week ended at 6.79% so it’s no surprise that home buyers were scarce in the final week of September. So scarce that the pending sales dropped 22% week-over-week, with just 117 homes finding buyers. Last week was the third slowest week of the year for pending sales; the two slowest weeks were the first two weeks of the year.

What about sellers? New listings stayed flat week-over-week on the Eastside with 206 sellers getting their homes on the market. Some sellers are still trying to get their homes sold before the holidays and with nearly twice as many listings as pending sales, there will be inventory left over for the buyers who are patient. Sellers, it’s more critical than ever to make sure your home is priced for this market and not the market of the first half of the year – 141 homes on the Eastside had price reductions last week.

In stand-out homes this week, we have a $12.9M European-inspired manse in Bridle Trails and a tiny home on a 14.5 acre equestrian estate in Issaquah – the deck is bigger than the house! In custom builds, we love this $4M modern home in Bellevue with a wall of windows and this $7.13M Newport Shores home with 90′ of waterfront is back on the market. Finally, we love the exposed beams and the views from the deck of this NW contemporary in Bellevue.

Join us for our next home buying class on October 6th.

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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