Eastside weekly wrap-up: summer doldrums roll on as rates cool slightly
The slow part of the summer carried on last week as new listings dropped 10% week-over-week. Just 150 new listings last week which is right on brand for mid to late August. Home sellers are likely busy this week trying to wrap up vacations as well as home prep so they can get their homes on market right after Labor Day.
Buyers stayed equally muted, putting just 135 homes under contract last week. To be honest, this was higher than I expected with rates hitting 7.5% and then settling in at 7.39% at the end of the week. I hope a lot of those buyers are locking in their rate today though as rates let off some pressure and are just below 7.3%. Odd that we’re excited about that! Active listings ticked upward slightly to 793 homes for sale on the Eastside.
For those looking for new construction condos, Mari Bellevue is offering their first (and for a limited time) incentive of $10,000 and $20,000 for new buyers. They’re now 25% pending and units start at $579,000.
Only a couple of homes stood out this week. A 2017 contemporary on Mercer Island is up for sale with trifecta views – mountain, city, and lake. The biggest stand out though is a $17.8M spec home on a street-to-water lot on Lake Washington in Bellevue, slated to be completed in 2024!