Eastside weekly wrap-up: new listings tick upwards amid consistent buyer activity
If you spent your weekend checking out some open houses, you might have been surprised to find out that they were busy! The layoff announcements might have suggested that buyer activity would wane but it’s continued to come out swinging in 2023. Sellers who got on the market in the first couple of weeks of January should do well due to low inventory.
For news around the market, mortgage rates are starting the week around 6.15% (a little higher than last week) and Mari Bellevue released some updated information on the breakdown of retail and residential units in the upcoming new construction. No prices yet but we’re expecting sales to start this spring.
New listings up 18% week-over-week
We saw 110 new listings last week across the Eastside, which was an increase of 18% over the previous week. That’s a good thing given buyer activity but that’s not a lot! We’re down 24% from this week in 2022. Also good for sellers, 11 of the homes listed last week are already under contract only three of them are pending inspection (meaning buyers likely waived inspection to compete). Right now there are 588 active listings across the Eastside in total.
Homes under contract stayed flat week-over-week
This is not wholly surprising given that new listings were flat the two weeks prior. As we mentioned, we heard and saw buyers out and about at open houses this weekend (mostly for single-family houses, our condo open house was very quiet). Buyers, you’re likely competing against multiple offers this week as the January market is very different from the December market. Be patient as we’re still a couple of months from the spring season and more inventory.
Our fave listings of the week
Top of the list this week is one of the five Heron houses in Kirkland built by Conner Homes in 2021. Also in Kirkland, there’s $14.2M industrial modern home with a 9-car garage on Lake St looking for a new owner. Not to be outdone, there’s an $11.5M contemporary home in Clyde Hill sitting on just shy of an acre – the house is sized to match at ~4200 square feet! If you’re missing summer and want to get ready, check out this $4.75M Pine Lake waterfront home in Sammamish. And for those loving the condo life-style, there’s a penthouse unit at Villa Firenze in Bellevue available for $1.6M.
Trying to figure out the home buying process and don’t know where to start? Sign up for one of our home buying classes! Our first one in 2023 is on February 7th. Or, just shoot me an email and we can meet for coffee: [email protected]