Eastside weekly wrap-up: new listings down 24% year-over-year
While not as scorching hot as the beginning of 2022, the market feels like it’s still favoring sellers. Low inventory will favor sellers but there’s still some good news for buyers – interest rates were down to 6.09%. With those lower rates, the buyers that waited out December have decided to jump into the fray and we’re seeing some early bidding wars. We toured a home in Burien on Sunday that needs a lot of TLC and it had two offers in hand and the seller moved their offer deadline ahead by a week!
New listings down 24% year-over-year
Even though new listings were flat week-over-week, they’re down 24% year-over-year. Last week was the biggest week to kick off the new year for new listings on the Eastside but this week might be an early indication of seller hesitancy given all the layoff announcements. Good news for sellers – 8 of those new listings went pending the same week.
Homes under contract up 117% week-over-week
With more listings came more buyers! 89 homes went under contract last week, a jump of 117% week-over-week and 16% year-over-year. I’m still holding my breath on if this is true signs of buyer activity or just the second week of the year bump (the first week is usually still slow due to coming out of the holidays). By the way, four of those listings that went pending the same week they came on the market were in Kirkland and two were in Issaquah… if you were wondering what cities are hot right now.
Our fave listings of the week
The standout listing this week was a unit at Water’s Edge in Kirkland; it’s really hard to beat this building! Also in Kirkland, don’t miss this contemporary view home in Hunt’s Point. Prefer to be nestled in the trees? You’ll want to check out this NW style home in the Meydenbauer Heights neighborhood of Bellevue.
Trying to figure out the home buying process and don’t know where to start? Sign up for one of our home buying classes! Our first one in 2023 is on February 7th. Or, just shoot me an email and we can meet for coffee: [email protected]
