Eastside weekly wrap-up: spring time jitters for sellers?
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After a promising week of new listings, this past week saw more hesitant sellers with only 151 homes hitting the market on the Eastside. That’s a 16% drop week-over-week and down 33% over this time last year. The good news? Inventory is sill trending upwards since the end of February despite the week to week see-saw. Sellers, compared to the previous couple of years, you don’t have a ton of competition right now so it’s better to get on market sooner rather than later as the buyer demand is out there.
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For buyers, pending sales continues to inch upwards for the third week in a row. Buyers put 134 homes under contract last week. While sales are hampered by the low inventory, they’re being driven by softening interest rates (we ended the week at 6.38%). Our advice is to be patient and to stay in close contact with your lender as rates and prices continue to change. Prices on the Eastside are down around 30% from last year but the low inventory will likely cause prices to inch back upwards.
For eye-catching properties this week, we’re leading off with a couple of spectacular views. On Medina’s Gold Coast, a $17.5M estate with 180 degree views and 62 feet of lake front and a $14.8M penthouse unit at Bellevue Towers – one of only 3 full floor penthouses in Bellevue. We also love this mid-century modern in Redmond that’s on the market for the first time in nearly 60 years and this East of Market urban oasis went under contract in just 3 days.