Eastside weekly wrap-up: new listings are selling faster than buyers expect
You might think that rates climbing upward again would slow the market down but we’re seeing more activity despite being back at 6.5%. Buyers put more homes under contract this week than came on the market and sellers across the greater Seattle area like this house in Edmonds and this home in North Bend accepted offers after just a couple of days on market. Seven homes on the Eastside went under contract within 24 hours!
New listings down 5% week-over-week, 32% year-over-year
Only 109 sellers put their home on the market this week marking a 5% drop from the previous week. That’s also a 32% drop over this week last year. Sellers, there are just 523 active listings across the entire Eastside – we recommend getting your house on the market sooner rather than later. Waiting for the typical listing season in March, April, and May means competing with more sellers.
Pending sales dip 5% but still outpace new listings
Buyers put 118 homes under contract this week, down 5% week-over-week. That’s the second week of more pending sales than listings. Only 17 of the new listings this week had offer review dates but 43 of the pending sales spent less than 7 days on market. This market is not the same as November/December! New listings will likely require seller friendly offers – more than half of the pending sales went under contract without an inspection contingency. If you’re patient you can still get buyer-friendly terms though – over 300 of the 523 listings have been on the market for more than 30 days.
Homes that caught our eye
It’s probably no surprise that we love this mid-century modern in the First Hill neighborhood of Mercer Island. And three new construction homes stood out this week – the last of three homes looking east over Lake Sammamish, another home in Bellevue aptly named the Arboretum, and a NW Modern in northeast Bellevue.
If you missed our first home buying class of 2023, our next one is on March 8th at 4 PM PT. Or just shoot me an email and we can meet for coffee: [email protected]