Eastside weekly wrap-up: listings come back as expected; did the buyers come back too?
Last week saw new listings rebound in force after the long weekend, increasing 110% week-over-week. 200 new listings hit the market, the highest volume since the middle of July! However, we expected this as sellers are advised to get their homes on the market in the first two weeks of September for the fall home-buying season.
The big question is whether or not the buyers come back as well. We know there is quite a bit of pent up buyer demand due to low inventory and high interest rates (rates ended the week at 7.22% but are currently at 7.25%). Last week buyers put 107 homes under contract across the Eastside. Sellers can be optimistic as we were coming off the holiday weekend and this was more than the new listings the week prior. Buyers are coming back around to properties that didn’t get bought up after their first week on the market.
My favorite home of the week is a waterfront Mercer Island mid-century designed by Reid A. Morgan. Another stand-out on the water is this Newport Shores home on Columbia Key. Mid-century fans will also love this remodeled home West of Market in Kirkland. Folks looking for condos will love the panorama views in the North Tower of Bellevue Towers and this penthouse condo in Meydenbauer Bay went pending in just 3 days!
