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Eastside weekly wrap-up: summer slowdown comes early on the Eastside?

By June 20, 2023

Market Report

Only 166 new listings hit the market last week on the Eastside, a 24% drop week-over-week. This is surprising this year as we expect to see new listings stay closer to the high water mark until the 4th of July. This was also surprising because new listings in Seattle ticked slightly this past week. For future years, this could become a normal dip due to June 19th now being a federal holiday, adding another long weekend into early summer for Juneteenth.

We saw a very similar dip on the buyside this past week as well, with only 134 homes getting under contract, a drop of 22% week-over-week. We normally would have expected to see pending sales trend higher following the big week of listings the week prior. However, it’s reasonable to expect that a new long weekend pulls folks away from their home search more readily than it does home sellers. With the low number of pending sales, the active inventory has hit a new high for the third week in a row at 740 homes for sale across the Eastside (pulled on Saturday morning).

Avenue Bellevue is targeting October as their official opening day for when owners can first move into their units. And Steeple Rock in Kirkland has reported that the team got two more of their units under contract, unit #301 and #202.

For more homes that caught our eye this past week, Matt’s favorite is this mid-century modern in Holmes Point with a lot of potential. For me, I love this expansive new build in Bellevue and the remodel on this 1978 home in Redmond close to Microsoft. Finally, don’t miss Obenhaus from Dwell Development in the Somerset neighborhood of Bellevue!

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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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