Eastside weekly wrap-up: 30 offers in Snoqualmie?!
I would have gotten this post out yesterday but we were busy diving into a pool filled with 30 other buyers on this house in Snoqualmie yesterday! We unfortunately didn’t win this great house on 1+ acres for our buyer but congrats to the seller – word is that the winning offer was more than 20% over list. Our advice for navigating the beginning of the year? Sellers should get their homes on the market as soon as they can and buyers should be patient – most of the listings should come in the spring.
In terms of the activity in the first full week of 2024, we saw 81 new listings and 34 pending sales. These are both down from a year ago but certainly higher than 2021 and 2022 (interest rates were much much lower making inventory incredibly scarce). There were 415 homes for sale across the Eastside which is up 9% from the week before.
We also took a look at the market stats from the month of December! Median sales price for single-family homes stayed relatively flat last month at $1.56M (median sales price for condos was $620k). Both are up more than 12% year-over-year. For both single-family homes and condos, December 2023 was the slowest month for new listings in the last 10 years! We’ll see how rates being below 7% affects seller appetite in 2024 – the buyers are out there!
For homes we liked this week, a mid-century modern in Issaquah with lake and mountain views is already under contract and it was the favorite of the week. We’re also excited to see units at GIS Plaza listed for sale! And if you’re already thinking of summer and looking for a waterfront opportunity, you may want to check out this property West-of-Market in Kirkland with a main house and ADU!
