Eastside weekly wrap-up: it’s getting cold out there!
I went out of town for a couple of days last week and was surprised to see that the temperatures had dropped 20 degrees when I got back! And the Eastside market is cooling off just as much. New listings were down 13% week-over-week with just 98 new homes for sale but the more telling number is in cancelled listings and price reductions. We saw another big week of price reductions at 131 and 43 cancelled listings.
This more than anything else brought active inventory down 4% this week to 784 active properties. Buyers only put 94 properties under contract last week, a 5% drop week-over-week. It continues to be an odd market out there. We helped a client offer on a home in North Bend that ended up with 5 offers after just a couple of days on market. The weird part was that the winning offer was only 2.5% over list price! With interest rates still close to 8%, it’s not surprising that buyers are putting in more conservative offers even when going into a multiple offer situation.
The homes that caught our eye this week kick off with a couple of new construction homes. A modern farmhouse in Clyde Hill from Adam Leland Homes – check out the primary suite on the entire North side of the house, and a NW Contemporary by Everton Homes in Redmond near Grass Lawn Park. And if you’re looking for view, you can’t beat this spacious condo over looking the water in Kirkland!