What an amazing condo market on Seattle's Eastside! Since June of 2011, the number of condos for sale has continued to drop, and drop by alot. Last June there were 1139 condos for sale and this June there are less than 500! What a huge difference!
Not only are there fewer condos for sale, but the sales have been very strong, especially since February. The condo market has been even stronger over the past two months. Approximately 42% of the available condos sold in June. If the supply of condos stays on the low side, expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle.
Median pricing was $235,000 this past month, whereas last year the median pricing for the month stood at $250,000. Don't worry too much about pricing for one month's worth of sales. As we always say, you must follow the trend over a period of months to measure any true increases or decreases in value. One month's real estate prices are only a reflection of the sales that happened that particular month.
Time on the market has also dropped to an average of 90 days to sell vs. 118 days in June of 2011.
So get our there and find a great home, but do your homework before getting in the car to look at properties. Check out the commute, the neighborhood, schools and anything else that is of importance to you before you start looking for a home. If you do that, you can target the right location to look for a home. You can then look for a home that works for you in a the right location.
Remember location, location, location is the primary rule of real estate. In today's world, location can mean many different things to people based on job location, commutes, and area amenities. Determine what it means to you and then go for the condos in that particular location.
If you have any questions about the condo market, please feel free to contact us.