Eastside weekly wrap-up: biggest week for listings this year; up 58% week-over-week
The margin for “the biggest week for new listings this year” isn’t huge but this week still took the podium with 230 sellers getting their homes on the market (5 more than the week of 5/13). Last year, this was the 3rd biggest week for listings and there were 21% more listings. The week-over-week increase was 58% after sellers were slow to come back after the 4th of July holiday and get their prep work wrapped up.
Buyers responded to last week’s low listing count by putting an equally low number of homes under contract this week. Just 129 homes were put under contract but that’s a 23% increase week-over-week. Expect this to increase again next week as buyers got more homes to choose from this week. Active inventory hit a new high point for the year to 784 homes for sale across the Eastside. Mortgage rates have retreated back to the high 6% range so that might shift more buyers to put homes under contract.
So amid all the active inventory, what caught our eye this week? The winner was this Tom Kundig house in Bellevue that is giving me Frank Lloyd Wright vibes! For new construction, I love the stone and wood of this $3.15m house in Kirkland. If you’re looking for space (and love horses), Fern Ridge Farm in Redmond has 22 acres available for $3.9m. And if you want to be downtown and still have unbeatable views, check out this unit on the 39th floor of Bellevue Towers!