Eastside weekly wrap-up: January stays busy as new listings dip
Closing out the month of January, new listings dropped week-over-week 12% but we’re also short 40% compared to this week last year. But there’s still pent up buyer demand as pending sales climbed 12% week-over-week which included bidding wars for homes that were priced well and in great condition. We heard about one home in Woodinville that got nine offers and went 7% over it’s $1.15M list price. While that’s not as spicy as the first half of 2022, due to low inventory we’re telling buyers to be patient and sellers to get on the market as early as possible.
Looking at the monthly numbers, some interesting things jumped out. For single-family homes, median sales price has dropped more than $500,000 from the peak in March 2022 and new listings in January (307) actually increased for the first time since January of 2019. For condos, median sales price softened slightly to $520,000 and new inventory is starting off 35% lower year-over-year with just 116 new listings. And single-family homes in Kirkland are getting under contract twice as fast as the rest of the Eastside?
For our favorite homes this week, Matt found this $40M spec home on Mercer Island. My favorites were these new construction townhomes West of Market in Kirkland (newly completed!) and this Mercer Island mid-century modern on the south end of the island (pending in three days!).
Our first home buying class in 2023 is on February 7th at 4 PM PT. Or just shoot me an email and we can meet for coffee: [email protected]