Eastside weekly wrap-up: fewer new listings as pending sales stay flat
On the Eastside, new listings dropped 4% week-over-week (just 138 new listings) continuing the seasonal decline we would expect as we approach the holiday season. While the decline in listings is expected this time of year, it’s likely that a higher number of would-be sellers are waiting until the spring to list their homes given the brakes being put on the market by buyers and the 7.29% current interest rates for 30-year fixed rate mortgages.
For buyers, there was still some activity last week but it wasn’t much. Just 107 homes went under contract which was about 10% of the active listings across the Eastside. With another round of layoffs in tech last week and the announcement that Amazon is freezing hiring, it’s not surprising that home buying has taken a back burner for a lot of folks.
We took a look at the market stats from October – the headline is the median sales price continues to cool. Median sales price is down nearly $500k or 27% off of the high in March and it’s down 8% year-over-year from October 2021. It’s the first time in 10 years that median sales price has declined y-o-y on the Eastside.
My favorite home I saw this week was this $7m waterfront home on Mercer Island with views from just about every room. And here’s an opportunity to build your dream home on Mercer Island that you’ve always wanted – nearly an acre with 80 feet of no-bank waterfront!
Thinking of buying or selling? We’re always happy to strategize! Or sign-up for our home buying class this Wednesday at 4 pm.