Eastside weekly wrap-up: July numbers shows a market that’s not moving very much
We reviewed the numbers for how the Eastside market did in July and, likely to no one’s surprise, it reads as a market that’s not moving very much. Median sales price was relatively flat with just a 2% drop month-over-month. Pending sales increased 2% M-o-M and new listings dropped 5% M-o-M. The holding pattern is the result of high interest rates (7.19%), high prices, and low inventory. Sellers are hesitant to get their homes on the market because buyers are either patient or re-examining their budgets as interest rates climb. However, median days on market was still 6 days – determined buyers are watching inventory with hawk-like eyes. Well priced and prepared homes still sell quickly!
For this past week, we abnormally saw 5% more listings week-over-week with 163 homes getting on the market. Buyers put 127 homes under contract, an 18% drop week-over-week.
Active inventory stayed relatively flat as well. There are 783 homes for sale across the Eastside.
Just one home caught the eye this week! A pre-sale opportunity for new construction from Dwell Homes in Somerset. Estimated completion is 12/23 – that would be quite the Christmas present!