Eastside weekly wrap-up: home prices surging around the Eastside
We’re into the second week of May which means the monthly numbers for the Eastside market are out for the month of April. The big news is that the Eastside single-family home prices and condo prices are surging compared to the start of the year with a median of $1.5m and $600k, respectively. We’re still hovering below last year’s prices due to the interest rate hikes but the low inventory is winning out and helping sellers list higher than you would expect. Some markets are very close to their 2022 peaks like Bellevue where median price for a single-family home is $1.99m (last year’s peak was $2.25m).
For this week, new listings were flat week-to-week with 178 homes hitting the market around the Eastside. However, buyers were 15% less active this week over the prior week with just 142 pending sales. That brought active inventory up to 656 total homes on the Eastside. More inventory is good news for buyers but that’s not enough of a jump to cause many sellers worry about their listing if it’s prepared and priced well.
If you’re following the Mari Bellevue progress, they’re off to a hot start. They officially launched sales late last week and all reports said their sales gallery was fully booked this weekend and they already have 25 units reserved. The one bedroom + den units seem to be most popular which is a trend we’ve seen at most of the other buildings in recent years. Definitely reach out if you’re curious as they’re securing reservations at a fast pace. We’re pretty thrilled to have already helped secure five of those reservations for our clients!
For the second week in a row, we are enamored by some waterfront properties! Can you tell that we love summer? This $10m Bellevue home with the waterside pool has mega-summer vibes. And it’s hard to beat a remodeled mid-century modern on Lake Sammamish. But the top listing this week has to be this $43m west-facing home in Hunt’s Point.
P.S. Our next home-buying class is in-person! RSVP here.