Eastside weekly wrap-up: homes prices down…slightly

We got caught up on our monthly market and the headline from September is that homes prices dropped…but only slightly. The median sales price for single-family houses on the Eastside in September was $1,482,559. This is down 2% from August but also the third month in a row of declining prices. However, Kirkland bucked the trends of a cool market with home prices increasing 9% month-over-month. Eastside condo prices were also down slightly at $601,000 but trending upwards over the last several months.

For last week, new listings dropped again for the fourth week in a row. Only 133 sellers got their homes on the market on trend for the season. Doubly disappointing for buyers is that sellers also cancelled 38 listings (second week in a row for that many cancellations) which is preventing inventory from increasing significantly.

Buyer activity was also muted last week with just 110 pending sales, likely due to 7.8% interest rates. We’re starting the week at 7.61% for the 30-year fixed rate which is good news! Buyers are out there looking for a break on price or rates. We were outbid today on a home on the river in Snoqualmie – the winning offer was more than 12% over list price.

For homes that caught our eyes this week, my favorites are this northwest corner unit at One88 in Bellevue and this mid-century modern gem in Clyde Hill. Also don’t miss this custom contemporary designed by Curtis Gelotte in Kirkland or a custom-built waterfront home in Newport Shores with 90′ of canal front dock.