Eastside weekly wrap-up: everything cools as rates approach 8%
It might be a broken record but there really isn’t another headline right now as rates keep climbing to a new multi-decade high each week. We’re currently at 7.7% as I write this and everyone should be settling in for rates at elevated levels for the foreseeable future.
Beyond rates, sellers predictably put fewer homes on the market last week. 141 new listings last week was a 19% drop and accounted for the 8% drop week-over-week in active inventory on the Eastside. We expect sellers to start dropping off this time of year as the weather gets darker and colder and people start focusing on the holidays.
Buyers stayed active at the same levels two weeks in a row which is nice to see. 137 homes were put under contract by Eastside buyers last week but I’m expecting this to tail off over the next several weeks based on seasonality and the ever increasing headwinds of rising mortgage rates. All of the offers we’re writing this week are asking for credits to help bring those rates down!
What jumped out to us this week? A waterfront showstopper in Medina – 7,000 square feet with lots of views! Not sure how we missed this one when it came on the market but this new construction home in Eastgate dazzles with big windows and vaulted ceilings. Finally, mid-century lovers should check out this home tucked away in Bridle Trails!