Seattle Eastside real estate sales keep climbing! Home sales have increased by 35% since January of this year.
Buyers don't despair. We're starting to see a significant increase in the number of homes for sale, which is good for buyers. Sellers still have the advantage in the marketplace, though, because the supply is still low when compared to previous years when 3000-4000 homes were for sale each month on Seattle's Eastside.
Will the market ease up for buyers if more homes come up for sale? More than likely if the supply increases, the market will still perform well for sellers, but it may not be as frenetic. It still will be a matter of time before there are any big changes to the marketplace, but it will be interesting to see how the rest of the year plays out. We believe more homes will come up for sale as typically happens each summer as the school year comes to a close. Will this change the marketplace dynamics between buyers and sellers? Probably not much at this point, because we're still on the low side of supply.
Here are the specifics for April, 2013 as compared to April, 2012:
- 80% of the available homes sold this past April, 41% sold in April, 2012.
- Homes sold in 48 days, down from 101 days in April, 2012.
- In 2012 median pricing in April was $485,000. In 2013, April's median pricing was $565,000. Wow, that's a huge jump in median pricing. We're still expecting median pricing to continue to work its way back up to the higher $500+ range, but much will depend on how many homes come on the market.
If you'd like to know more about the value of your home, please don't hesitate to contact us.