Eastside weekly wrap-up: hello sellers – we’re glad you’re here!
Finally! We predicted a big week for new listings and were reward with the biggest week of the year! 225 sellers put their homes on the market this past week, our first week of 200+ new listings this year. For those keeping track at home, last year we had 12 weeks of 200+ new listings on the Eastside by this time but it was a very different market. Expect fewer listings this week as we head into the long weekend.
The low inventory the week prior and higher interest rates caused many buyers to take a beat in home shopping or at least offering. Only 137 homes went under contract which was a 19% drop week-over-week. Median days on market is around 5 days on the Eastside and some might go more quickly if it’s the hot home of the week (we heard about one home in Sammamish that had 4 offers and went $100k over asking after just 2 days on market) and some might take a couple of weeks. Buyers, ask your agent to tour as quickly as you can so you have time to think things over before offer review dates.
For rates, we’re starting the week at 6.95% which will put some more strain on buyers. Chat with your lenders and be sure to ask about the different options available to you! Expect more pending sales this week given the bump in inventory but that may be tempered by the higher rates.
Even though the weather has cooled, we still have summer and waterfront living on the mind. Some of the top homes this week include a secluded and spacious home on Long Lake in Sammamish for $5M and a $7.7M Bellevue home on Lake Washington that’s just all windows facing the lake. However, my favorite home of the week is this mid-century modern in Holmes Point designed by Allen Moses with Japanese and Frank Lloyd Wright influences.
P.S. Our next home-buying class is in-person! RSVP here. (We have a Zoom option too.)