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Home / Market Report / Eastside weekly wrap-up: homes prices down…slightly

Eastside weekly wrap-up: homes prices down…slightly

By October 10, 2023

Market Report

We got caught up on our monthly market and the headline from September is that homes prices dropped…but only slightly. The median sales price for single-family houses on the Eastside in September was $1,482,559. This is down 2% from August but also the third month in a row of declining prices. However, Kirkland bucked the trends of a cool market with home prices increasing 9% month-over-month. Eastside condo prices were also down slightly at $601,000 but trending upwards over the last several months.

For last week, new listings dropped again for the fourth week in a row. Only 133 sellers got their homes on the market on trend for the season. Doubly disappointing for buyers is that sellers also cancelled 38 listings (second week in a row for that many cancellations) which is preventing inventory from increasing significantly.

Buyer activity was also muted last week with just 110 pending sales, likely due to 7.8% interest rates. We’re starting the week at 7.61% for the 30-year fixed rate which is good news! Buyers are out there looking for a break on price or rates. We were outbid today on a home on the river in Snoqualmie – the winning offer was more than 12% over list price.

For homes that caught our eyes this week, my favorites are this northwest corner unit at One88 in Bellevue and this mid-century modern gem in Clyde Hill. Also don’t miss this custom contemporary designed by Curtis Gelotte in Kirkland or a custom-built waterfront home in Newport Shores with 90′ of canal front dock.

I am a broker and contributing writer for Urban Living. I love condos & townhomes and helping people find the next space they call home!

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