Eastside weekly wrap-up: buyer activity jumped 19% week-over-week
This is a headline that sounds more exciting than it is! Last week 109 buyers put properties under contract on the Eastside but because buyer demand has fallen so much, that’s a 19% increase week-over-week. That’s still down 45% from this time last year. There were likely some buyers that took advantage of rates flirting with dropping below 7% (we’re at 7.09% today) but that’s still not enough buyer demand to make sellers feel good about the market.
For sellers, we’re winding down the year roughly the way 2019 did with new inventory tailing off weekly. Just 144 new listings last week while there are still 1,051 active listings across the Eastside with a median of 48 days on market. Crazy how the market shifted in the third quarter this year! We’re expecting most sellers on the fence right now to wait until 2023 to put their home up for sale.
What caught the eye this week? A $16M industrial modern home in Kirkland with lake and mountain views… oh, and a nine car garage. Also in Kirkland, don’t miss the angles and windows in this contemporary home perched above Lake Washington. And for more water views while being in the heart of downtown, check out this west-facing unit at Bellevue Towers!
Thinking of buying this year or next? Check out our next home buying class November 8 at 4pm.