| Tweet |
Seattle Eastside Condo Sales Keep Popping!
Seattle-Eastside Condo Sales Through April, 2013
Condos on Seattle's Eastside are still hot! There's been a negligible increase in supply, while the number of sales have increased. In April, 86% of the available condos sold, so the fantastic market continues for condo sellers. Since condo owners suffered the most during the downturn, it's great to see the market improve for them.
We're starting to push up to the higher $200+ price median price, so prices are creeping higher. We expect that to continue.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
The Seattle-Eastside Condo Market is Steady and Strong!
Condo Sales on Seattle's Eastside Through February, 2013
A few more condos for sale and a few more sales in February than in January! We crossed the threshold and are now back at over 300 condos for sale, the first month since last November. There were 311 condos for sale with 237 or 76% of them selling. The January pace of condos sales held steady into February.
Median pricing increased from $181,000 in February, 2012 to $247,000. Seattle-Eastside condo owners can be assured that median pricing for condos is firmly established in the mid $200,000's, since this has been the median price point since last May. How much higher prices will go depends on the supply and demand. If our supply remains low, as it has been for many months, and the demand remains high, expect the median price to increase.
The majority of condos that sold in February were priced under $350,000.
Buyers continue to look for good condos to buy. With the competition at an almost all time low, the chance of selling your condo increases dramatically. If you're thinking of making a move, now is a great time to do so.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
Do You Want to Sell Your Seattle-Eastside Condo? The Buyers Will Come!
Seattle Eastside Condo Sales Through January, 2013
Yes, Veronica, there are some condos for sale on Seattle's eastside, but there are slim pickings. The number of condos for sale over all of the eastside stood at less that 300 for the second month in a row.
It's clearly a seller's market as 80% of the condos for sale in January sold! The number of sales jumped up by almost 60% in just one month. December had 145 sales and in January, there were 229! Sales also increased almost 40% from January, 2012. None of this is surprising though, given the lack of supply.
Median priciing increased from $168,000 in January, 2012 to $225,000 this past January. Before you get too excited, no one will tell you that prices have gone up by 26% just in one month. Remember the median pricing must be viewed over several months to see the true pattern in gains or losses in value. The good news for Eastside condo owners is the median price has been above $200,000 since March of last year, fluctuating between a low of $200,000 and a high of $239,000.
Given the fact there are so few condos for sale, if you plan to make a move this year, now would be the time. With the competition at an almost all time low, the chance of selling your condo increases dramatically. There are a lot of buyers out there right now!
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
How Many Homes Sold for More Than Full Price on Seattle’s Eastside?
What a difference a year makes! Who had any idea a year ago that 1/3 of the Seattle Eastside homes that sold in December, 2012 would sell for over full price? No one anticipated the lack of inventory, the level of competition, and the subsequent increase in prices. The market picked up steam on the eastside as the year progressed. The trend became apparent as each month had buyers clamoring for homes and fewer and fewer coming on the market. The year finished with a fabulous sales record. One third of the homes sold for over full price, 23% sold for full price and 42% below full price.
Market time dropped to record lows as homes were snapped up. The homes that were well priced and in great condition are those that sold for more than full price.
We start out 2013 with these positive trends in the marketplace. Expect it to continue!
2012 Was A Great Year for Condo Sales on Seattle’s Eastside
Will there be any condos available to buy on Seattle's eastside in 2013? I asked this question last month. We won't have the statistics for January until the end up the month, but there were just a few for sale, and I mean just a few, in December. There were fewer than 300 condos for sale! I expect January numbers to be pretty low, too.
Condo sales are definitely out of the slump of 2008-2011. Prices are now starting to go up more condos are selling with less on the market. In 2008, the average number of condo sales per month was 168 sales. This year, there were 205 condos that sold on average each month.
In 2012, over 2300 condos sold on Seattle's eastside. The vast majority, over 1700, were priced under $350,000. At the opposite end of the spectrum, 4 condos sold for over $3,000,000. Median price jumped 6% for the year, while the number of condos for sale plummeted by 64%! It's always better to have the number of condos for sale plummet and prices to increase. It's much better than the other way around.
The past few years Seattle's eastside real estate has not followed the yearly trends we used to experience. Traditionally, there were booming spring sales, slow summers and a slight uptick in the fall. The busiest month for condo sales last year was in October, when 260 condos sold. The smallest number of condos that sold was in December, the month with the fewest condos for sale. There was consistent sales activity each month of 2012, while the number of condos for sale dropped drastically.
So will there be any condos for sale in 2013? Stay tuned to next month's update! Given the fact there are so few condos for sale, if you plan to make a move this year, now would be the time. With the competition at an almost all time low, the chance of selling your condo increases dramatically.







