Eastside weekly wrap-up: new listings up 40% week-over-week
Better late than never but the headline in our Eastside weekly wrap-up is that new listings were up 40% week-over-week! 153 new listings hit the market as we moved into March and began welcoming Spring. One thing we’re watching closely is how many of them have offer deadlines, an indicator of seller confidence that their home will sell quickly. About 20% of the new listings last week have offer deadlines versus about 10% the week prior. Anecdotally, we’re seeing busier touring schedules and open houses.
For buyers, they only put 83 homes under contract last week, a 27% drop. This is likely due to low inventory plus rates hitting the 7% mark again. I’d expect buyer demand to take a breath each time rates do that but there’s enough demand that you’ll see well priced homes in good condition go under contract each week. We’re seeing about 10% of homes in the last several weeks go pending on or before their offer deadline supporting what we’re seeing when out touring homes. With more listings and more seller confidence, I’d expect that to be up near 20% next week as well.
We also took the time to update the February numbers for the Eastside market. The condo market is still cooling with few new sellers and buyers but condos are sitting on the market for half the time they did in January… a sign of some outstanding interest in the market? For single-family homes, the median sales price increased to $1,400,000 and every other measure showed small signs of buyers returning to the market and it starting to heat up again. We’ll see how it goes in the next weeks!