Eastside weekly wrap-up: pending sales respond to more inventory but it’s still slow for most sellers
Our number for this week is 40%. That’s the amount of homes that were listed last week with an offer review date that are still on the market. We noted last week that a large amount of sellers seemed very confident that they would get one or more offers within a week of coming on market (about 39% of new listings last week). Of those, about 40% are still on the market, past their offer review date.
That’s not ideal for sellers but we’ve been predicting that the second half of the summer would be very slow. Despite 171 homes getting under contract (an 8% week-over-week increase), we still saw our third week in a row of more listings than pending sales. So even though new listings were down were down 12% week-over-week (186 homes), we only saw a 2% drop in active inventory on the Eastside (808 homes).
If you’re trying to figure out what happens next, we think new listings will continue to decrease through the rest of July and August as they historically have done. However, buyers are likely going to react to decreases in rates (we hit 7.12% this week but we’re back to 7.05% today) and/or otherwise be patient to see if a seller drops their listing price or will accept a more buyer friendly offer (below list, lots of contingencies, a credit towards closing costs, etc). Bottomline, the rest of the summer should be very slow until after Labor Day.
Our favorite home of the week is definitely this Bellevue home built off of a Ralph Anderson design. We also love two homes on Lake Sammamish – a contemporary facing north looking at nearly the whole lake and a 2021 modern build facing west – both will get amazing sunsets. We also love this modern build in Kirkland’s West of Market neighborhood. There’s 18 acres for sale in Redmond – what would you do with all that space? And a condo on the 31st floor of One Lincoln Tower in Bellevue is for sale!
Our next home buying class is coming up on August 8th via Zoom. We hope you can join us or shoot me a text if you want to get coffee can chat!
