Using the latest data from the Northwest Multiple Listing Service (NWMLS) and information from shaneandanne.com, here’s a detailed analysis of the real estate market trends for the Eastside of Seattle, which includes cities like Bellevue, Kirkland, Redmond, Sammamish, and Mercer Island.

Key Market Insights:

  1. Active Listings and Inventory:

    • Increase in Active Listings: As of June 2024, there was a notable increase in active listings, with a 35.7% rise year-over-year, reaching 14,393 active listings compared to 10,607 in June 2023. King County, which encompasses the Eastside, saw a 43.3% increase in active listings​ (Northwest Multiple Listing Service)​​ (Northwest Multiple Listing Service)​.
    • Inventory Levels: The months of inventory for King County were recorded at 1.94 months, indicating a tight market. A balanced market typically requires 4 to 6 months of inventory, showing that the Eastside market still heavily favors sellers​ (Northwest Multiple Listing Service)​​ (Northwest Multiple Listing Service)​.

  2. New and Pending Listings:

    • New Listings: NWMLS brokers added 9,984 new listings in June 2024, marking a 5.3% increase from June 2023. This rise in new listings suggests an active market with a steady influx of properties​ (Northwest Multiple Listing Service)​.
    • Pending Sales: There were 7,650 pending sales in June 2024, a slight decrease of 1.4% from June 2023, indicating stable buyer interest despite fluctuating mortgage rates​ (Northwest Multiple Listing Service)​.

  3. Closed Sales and Market Activity:

    • Closed Sales: June 2024 saw a 3.14% decrease in closed sales year-over-year, with 6,627 transactions compared to 6,842 in June 2023. However, the total dollar value of closed sales for residential homes reached $4,939,005,285, a 2.6% increase compared to June 2023​ (Northwest Multiple Listing Service)​.

  4. Market Dynamics:

    • Competitive Market: The Eastside remains a highly competitive market, with many properties selling quickly and often above the listing price. The continued rise in home prices and limited inventory levels emphasize the demand-supply imbalance​ (Northwest Multiple Listing Service)​​ (Northwest Multiple Listing Service)​.

Individual Market Analysis for Eastside Cities:

Sammamish:

        • Active Listings: Significant year-over-year increase in active listings.
        • New Listings: Higher number of new listings added in June 2024 compared to last year.
        • Pending Sales: Stable pending sales indicating steady buyer interest.

Redmond:

          • Active Listings: Increase in the number of properties listed for sale.
          • New Listings: A notable rise in new listings, reflecting active seller participation.
          • Pending Sales: Slight decrease in pending sales, possibly due to fluctuating mortgage rates.

Bellevue:

          • Active Listings: Substantial increase in active listings year-over-year.
          • New Listings: A significant influx of new listings in June 2024.
          • Pending Sales: Stable pending sales, showing consistent buyer interest.

Mercer Island:

          • Active Listings: Increase in the number of active listings.
          • New Listings: Higher number of new listings indicating seller confidence.
          • Pending Sales: Slightly lower pending sales, influenced by market conditions.

Kirkland:

          • Active Listings: Growth in the number of active listings.
          • New Listings: Increase in new listings compared to last year.
          • Pending Sales: Stable pending sales, with consistent market activity.

Summary and Recommendations:

For Buyers:

          • Act Quickly: Given the low inventory and high competition, it's crucial to move quickly when a desirable property becomes available.
          • Prepare Financially: Ensure your financing is pre-approved and be prepared to offer above the asking price in highly sought-after areas like Bellevue and Redmond.

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For Sellers:

          • Leverage the Market: The current market conditions favor sellers. With high demand and low inventory, you can expect to sell your property quickly and potentially above the listing price.
          • Enhance Property Appeal: Invest in staging and minor renovations to make your property stand out and attract competitive offers.

Our Listing Process

With Shane & Anne, our mission is to prioritize our clients in every aspect of the real estate journey. We are committed to providing exceptional service and expertise in the luxury real estate market. Guided by our core values, we strive to build lasting relationships based on trust and mutual respect.

Our Core Values:

          • Loyalty: We are unwavering in our commitment to our clients, always putting their needs and interests first.
          • Honesty: We operate with the highest level of integrity, providing truthful and transparent communication at every step.
          • Confidentiality: We respect our clients' privacy and handle all transactions with the utmost discretion.

We are committed to staying ahead of market trends and continuously enhancing our skills and knowledge to deliver unparalleled results. Our goal is to make the real estate experience as smooth and rewarding as possible, ultimately helping our clients achieve their real estate dreams.

Contact us today at shaneandanne.com to schedule a consultation and take the next step towards your real estate dreams. Let's make your next move your best move!