Eastside weekly wrap-up: a bump in listing activity as rates drop
Talk about excellent timing! New listings on the Eastside increased 17% last week right as rates dropped below 7.5% (we’re kicking off the week at 7.48%). 115 sellers got their homes on the market and hopefully the big drop in rates gets them solid buyer activity. Rates weren’t the only drop this past week. Inventory declined another 4% and we saw another big week of price drops with 123 across the Eastside.
Lower rates and price drops should be good news for buyers. Only 92 homes were put under contract this past week by home buyers, the fourth week in a row of declining activity. I’d expect a bump in buyer activity after this week given more new listings, price drops, and lower rates (hopefully they stay low!).
The only home that jumped out this week was this whopping $34M waterfront property on 1.25 acres with 210 ft of waterfront and a 185 ft dock for a boat big enough to satisfy even the cast of Jaws. Pick your preferred place of relaxation from the private pool, putting green, or billiard room!