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Home / Market Report / Eastside weekly wrap-up: will the recent rate stability live through the week?

Eastside weekly wrap-up: will the recent rate stability live through the week?

By December 11, 2022

Market Report

Howdy and welcome back to the Eastside weekly wrap-up! Sorry we took a couple of weeks off for a Colorado Thanksgiving trip followed by a trip to Kauai to unplug (highly recommend!).

We’re back in the rainy weather but while we were gone, rates dropped into the 6.38% range and then have been pretty quiet in daily movement since then. We’ll see if that holds up as the CPI report comes out this week and that usually causes a stir in one direction or another.

For new listings this week, we saw 73 new listings, a 16% drop week-over-week. Historically, December is the slowest month of the year to list a home due to the holidays and weather. For buyers, only 60 homes went under contract, a 15% increase week-over-week as buyers came back from Thanksgiving. There will likely be fewer buyers each week from here through the end of the year.

Also, out – we updated our monthly market stats for the Eastside for November. In the single-family and townhome market, median sales price continues to decline and inventory levels fell sharply off this past month. For condos, median sales price was down slightly but mostly flat compared to the last few months.

Just a couple new construction homes caught our eye this week – one in Juanita that promises Lake Washington views when completed and one in Clyde Hill with a large rooftop deck, skylights, and a private sauna!

We’re done with home-buying classes for the year but if you’re trying to build a strategy for buying or selling in 2023, let’s get coffee! 207-570-9823 or [email protected]

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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