Eastside weekly wrap-up: listings increase but sales flat in the face of high rates
Despite it being mid-winter break for a lot of schools around King County, new listings actually rose on the Eastside this past week. 113 sellers put their homes on the market in order to capitalize on low inventory before we head into the spring listing season. We’re just a few weeks away from (historically) seeing 200-300 new listings per week and they can’t come soon enough. Active inventory was down to 474 listings across the Eastside this weekend. Not a lot!
For buyers, their activity was relatively flat week-over-week with 114 pending sales but they’re facing some headwinds right now. Mortgage rates hit a high point for the year this past week (currently at 6.78%) and despite that, they’re competing against some serious pent up buyer demand. We heard that a $1.75M house in Bellevue had 96 groups through their open house this weekend and had multiple offers in hand after a couple of days on the market.
For homes that caught our eye this week, the stand-out was a mid-century modern in Medina with cathedral-style vaulted ceilings. And if you’ve got winter time blues and are hunting your summer views, check out this PNW modern home in Bellevue’s Hilltop neighborhood and a waterfront home on Mercer Island’s Northend.