Our amazing Seattle-Eastside real estate continues! How low can the supply of eastside condos go? In July there were only 463 condos for sale all over the Eastside, less than half the number of condos for sale in July of 2011! The supply is low and the prices have dropped considerably over the last few years as evidenced by the chart below. These market conditions bode well for buyers. Prices are at the bottom and with the low supply, they should begin rising. Unfortunately for the sellers who bought from 2007 on, it's still a tough market as pricing is well below the high experienced during that time.
Not only was the supply at the lowest I can remember, the number of sales were at the high so far for the year. There were 463 condos for sale and 236 of them sold! I've been in real estate on Seattle's eastside for 25 years and I've never seen anything like the lack of supply in the market we're experiencing now. In previous reports I mentioned if the supply of condos stayed on the low side, to expect the positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle. This was how the real estate market performed in July.
The chart beow shows the trend in pricing from 2008-2012 for condo sales on the eastside. Each blue bar represents a month during the years that are represented below. The red line that is drawn across each year shows where the median point is in pricing for the year.In 2008, the median pricing for condo sales on the eastside was $337,064. So far this year, the median pricing for sales is at $221,631. If you look at 2012, pricing has jumped up for the last two months, but on average, it's still lower than previous years.
Time on the market has also dropped to an average of 90 days to sell vs.109 days in June of 2011.
If you have any questions about the condo market, please feel free to contact us.