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Home / Market Report / Eastside weekly wrap-up: July numbers shows a market that’s not moving very much

Eastside weekly wrap-up: July numbers shows a market that’s not moving very much

By August 14, 2023

Market Report

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!

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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