Eastside weekly wrap-up: spring time jitters for sellers?
After a promising week of new listings, this past week saw more hesitant sellers with only 151 homes hitting the market on the Eastside. That’s a 16% drop week-over-week and down 33% over this time last year. The good news? Inventory is sill trending upwards since the end of February despite the week to week see-saw. Sellers, compared to the previous couple of years, you don’t have a ton of competition right now so it’s better to get on market sooner rather than later as the buyer demand is out there.
For buyers, pending sales continues to inch upwards for the third week in a row. Buyers put 134 homes under contract last week. While sales are hampered by the low inventory, they’re being driven by softening interest rates (we ended the week at 6.38%). Our advice is to be patient and to stay in close contact with your lender as rates and prices continue to change. Prices on the Eastside are down around 30% from last year but the low inventory will likely cause prices to inch back upwards.
For eye-catching properties this week, we’re leading off with a couple of spectacular views. On Medina’s Gold Coast, a $17.5M estate with 180 degree views and 62 feet of lake front and a $14.8M penthouse unit at Bellevue Towers – one of only 3 full floor penthouses in Bellevue. We also love this mid-century modern in Redmond that’s on the market for the first time in nearly 60 years and this East of Market urban oasis went under contract in just 3 days.