Eastside weekly wrap-up: more listings good for buyers
Last week was the biggest week for new listings on the year with 180 sellers getting their homes on the market. That’s a 25% increase week-over-week but we’re still down 28% year-over-year. The increase in listings is good new for buyers in this inventory constrained market. Sellers, we still have not seen a week with more than 600 active listings on the Eastside if you’re worried about your home standing out.
For buyers, the week ended with 6.55% interest rates (back to 6.67% today) which is great news along with more listings. As such, they put 128 homes under contract last week. This was relatively flat week-over-week but I expect this to increase each week along with listings. Expect things to be competitive with the lower inventory but there may be a few homes that are available past a week.
The homes that caught our eye this week were this custom built modern farmhouse in Bellevue and don’t miss this mid-century modern in Medina! Also, Avenue Bellevue has started listing on the MLS as they’re well under way on their construction. For more new construction news, Bosa is shifting their focus from their lot in Seattle to a 142-unit condo development in Bellevue!