Eastside weekly wrap-up: sellers take the week off as expected
As expected, sellers took this past week off as the typical advice is not to list going into a long weekend. So ignore the week-over-week drop this week due to only 124 new listings hitting the market and we’re coming off the biggest week for listings on the year in the week prior. If trends hold up with previous years, this week should be as big or bigger as the week after Memorial Day is usually in the top five on the year. We’ll see! Mortgage rates went above 7% again last week and we’re starting off at 7.14%…this could continue to limit those who need to sell and buy the next place.
Speaking of buyers, they were busy! 174 homes on the Eastside found buyers last week which isn’t surprising due to the high number of listings the week before. And even though there were fewer new listings heading into the long weekend, there were still 633 homes for sale at the end of the week. Buyers, be sure to check those homes that have been on the market for awhile and not just the new listings each week. We were able to get clients under contract this weekend on a great home in Bothell well under list price because it had been on market for nearly 90 days!
Only a couple of homes stood out this week for us. Our favorite was this mid-century home in Hunt’s Point with nothing but lake views and a Lake Sammamish property ready for someone to build their dream home on a lake.
In new development news around the Eastside, Bellevue approved plans for a mixed-use mid-rise building spanning two-acres in downtown Bellevue – the developer is hoping to break ground in the fall. They’ll likely be apartments but more housing of any kind is always good for the region. In North Bend, a California developer, New Home, will be breaking ground in June on a 5 acre community of 80 homes. They haven’t set prices yet but they are “expected to be below the comparable market” based on a press release. The developer is also planning on several more projects on the Eastside over the next 12-18 months.
