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Home / Market Report / Eastside weekly wrap-up: buyers are still out there for the declining inventory

Eastside weekly wrap-up: buyers are still out there for the declining inventory

By November 15, 2023

Market Report

Historically sellers start to disappear as the days get shorter, darker, and colder. And usually buyers do too. However, we’re seeing over the last few weeks a consistent trend of just shy of 100 buyers on the Eastside every week. That’s not a lot but it’s something. It certainly helped that rates dropped quite a bit last week and are hovering around 7.4% to start this week. It’s likely that buyers will start to decline as they begin to focus on the holidays but we’re working with quite a few buyers who are just waiting for the right property to come along to tour and make an offer.

For sellers, their activity definitely tailed off this past week with just 84 new listings, a 27% drop week-over-week. With more buyers than new listings and 33 cancelled properties this week, active inventory dropped another 6% to 707 active listings across the Eastside. That could be good news if you’re thinking about listing your home as it’s less competition… Fewer buyers still make it tough to sell a home quickly unless rates drop again significantly. Buyers – lots of sellers are open to any offer!

Only a couple of homes stood out this week! In Clyde Hill, the NW Idea House 2023 from John Buchan Homes is a stand-out NW Contemporary and in Kirkland, another new construction community from PAG Fine Homes stood out with modern finishes and great views of the lake!

If you’re looking for a fun way to kick off the holiday season, the Urban Living holiday party is December 2nd! We’re going skating at the Kraken Community Iceplex and have a rink to ourselves with lots of food, drinks, and a skating Santa. So if you’re thinking of working with us next year to buy or sell, we’d be happy to have you join us, just hit reply and we’ll send you an invite!

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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