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Eastside weekly wrap-up: biggest first week of the year for new listings since 2019

By January 8, 2023

Market Report

Welcome to the first weekly wrap-up in 2023! The new year kicked off with 93 new listings, the highest mark since 2019. These sellers are trying to get a jump and catch a buyer that was looking through the end of the year but couldn’t find the right home. With the news about Amazon layoffs, we’re guessing that other sellers are going to hold off until they determined if they’re impacted so expect listings to not really pick up until February or March.

On the buy-side, 41 homes went under contract this week, nearly double the pending sales from a year ago. The difference? Inventory! At the end of December, there were 427 homes for sale; a year ago there were only 59! Buyers, continue to be patient for the right home. There are 603 active listings on the Eastside with a median of 80 days on market.

For other significant market stats, median sales price for Eastside single-family homes in December was $1,390,000 (down from the high in March of $1,875,000). More locally, the biggest drop in prices to close out the year was in Bellevue single-family homes, which has seen a 40% drop in sales price since March. Median sales price for Eastside condos has dropped 25% to close out December at $522,000.

Thanks again to everyone who contributed to our Mary’s Place fundraiser. Together we raised just over $8,500 through your generous donations and our match. Thank you for making this winter a little bit easier through safe, inclusive shelter and services that support women, children, and families on their journey out of homelessness.

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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