Eastside weekly wrap-up: summer slowdown in full swing
August is usually the slowest month of the year and this year is no exception. With just 155 new listings this past week, we’ve now seen three declining weeks in a row and a 17% drop week-over-week. New sellers will likely be fewer and fewer until after Labor Day so they can enjoy summer and get ready for the school year.
Buyers are also taking the summer cue (likely 7+% interest rates are playing a factor)! After three weeks in a row of increases in pending sales, buyers put 9% fewer homes under contract at just 155. Normally when pending sales equals new listings in a week, we’d say that’s a good sign for sellers but buyers are likely reacting to fewer new listings and having fewer options again. Active inventory also declined 3% to just 780 homes for sale across the Eastside.
A handful of homes stood out this week despite the lower amount of new listings. A home on Long Lake in Samammish has modern updates while keeping the mid-century charm. In Issaquah, another mid-century home is nestled in the trees with floor-to-ceiling windows. And, you guessed it, a one-level mid-century in Somerset with sweeping views was my favorite of the week!
Our next home buying class is coming up on August 8th (today at 4 PM!) via Zoom.
