After a big jump in condo inventory back in May on Seattle's Eastside, the number of condos for sales continues to slowly creep up. Pending condo sales were up slightly each of the past few months, but seemed to have peaked back in the spring. Still, over 50% of the condos sold last month. The average market time was 36 days and median pricing war, $265,000. The most active month so far this year was back in April, when 95% of the condos for sale sold! It's still a good market.
If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!
Seattle Eastside Condo sales are still strong with 60% of the available condos selling in July. The average market time was 29 days and median pricing was about the same as last year, $270,000. The most active month so far this year was back in April, when 95% of the condos for sale sold! It's still a good market. More than 1/2 the condos sold last month, a very good and healthy number of sales.
Numbers have been holding more steady in the last couple of months for Seattle Eastside Condo sales as the pattern is not all that different from May to June. Although, slightly more condos were for sale and slightly fewer sold in June.
In June 63% of the condos sold. Median pricing for condos stood at $291,000 up from $279,000 in 2011. Condos took 32 days to sell on average and sold for 99% of the asking price.
Has there been a shift in the Seattle Eastside condominium market? What could be a shift is shown by the big jump in inventory to 375 available condos from 288 in April and the slight decline in sales over the last couple of months. Seattle Eastside condo sales are still fabulous, although more condos sold in March and April than in May.
The pattern we saw in 2013 is playing out once again. The real estate market is always at its most frenetic during the first quarter of the year. As the year progresses, more property becomes available, giving buyers more choices. Add in our usually gorgeous summer weather when people spend more time playing and traveling than searching for homes, and we'll see a strong market through the summer, but not as crazy as the spring.
In May 68% of the condos sold, a very solid number and in many years over the last decade, this number would have been phenomenal. Given the past couple of years with sales off the charts, 68% is a very respectable and healthy number of sales.
Median pricing for condos was similar to March and stood at $270,000. Condos took 30 days to sell on average and sold for 99% of the asking price.
You know the condo real estate sales are hot when 95% of all the listed properties sell in one month. Of the 312 condos for sale, only 14 did not sell last month! Honestly, I've been working in Seattle eastside real estate since 1987, and I don't believe there has been a month when almost every condo sold.
Median pricing for condos stood at $274,000. Condos took 42 days to sell on average and sold for 99% of the asking price. Given the relatively small inventory of condos, none of these statistics is a big surprise.
So buyer, be armed and ready with a great offer to win one of the few condos for sale. Consider pre-inspections and make the cleanest offer possible when stepping up to the plate.
The positive Seattle Eastside condo market continued through February! Seventy percent of the available condos sold last month in, on average, 2 months time. The median price for condos increased from $247,000 in 2013 to $263,000 this past February. There's a strong demand with little supply, which translates to higher prices.
Since condos were harder hit than single family homes during the downturn, this is welcome news. Many more condo owners are finding that they are no longer underwater and are now able to make a move.
Seattle Eastside condo inventory is amazingly low as we start the year. The amount of condos for sale is actually very similar to what was available for sale in January, 2013. It'd be difficult to find two years that start out so similarly. There were 287 condos for sale this past January and 286 in January, 2013!
If all of the condos on the market in January were to sell, it would have only taken 1.4 months. Condos have been selling within 96% of the asking price.
Median pricing has gone from $210,000 to $275,000, a hefty jump.
So enjoy Valentine's Day and think about making your move earlier, rather than later next year.
Looking back at November Seattle Eastside Condo real estate, we continued to see a seller's market. Inventory declined as the number of condos for sale dropped almost 20% from October. But sales were still strong, as 60% of the available condos sold. Not everyone just ate turkey in November!
I'm expecting to see similar results in December. Sales will be strong, but not as high a number as the peak month of August when over 260 condo sold. Still, with such low inventory, the chances of selling a condo that's priced correctly and shows well are quite high. Buyers are out looking and hoping to find a new home, even though it is the holiday season.
If you're thinking of selling next year, think about making a move early in the season. The pattern you see in the above chart is a typical yearly pattern. Fewer condos will be on the market the first few months of the year, so it's a great time to sell. There's less competition.
So enjoy the holidays and think about making your move earlier, rather than later next year. Happy Holidays!
More condos sold in October than in September on Seattle's Eastside. In fact, October was one of the best months for condo real estate this year. There were 257 condo sales, 11 sales less than the top month of sales in August. Turn over has been excellent as the number of new properties for sale each month has remained strong, but with so many selling, the number of available condos stays low.
The number of condos for sale dropped, which is typical of this time of year. Many sellers think that fall is a slow time of year to sell, which is often not the case as this October demonstrates.
Median pricing dropped some this month back to $250,000. Median pricing peaked in the high 270's range in July. Pricing stayed fairly steady until October. We'll know if the drop in pricing in October was just an anomaly when we see how November and December condo real estate pans out.
The pace of the market seems very much like September, 2012. Fifty-two percent of the condos for sale sold this past September, whereas in September, 2012, 55% sold.
However, the difference this year is median pricing was still much stronger than last year and has been consistently above $260,000 since April. In September, 2012 median pricing stood at $225,000. Market time was twice as fast as 2012. Homes sold in a little over a month. In 2012, it took over 2 months on average for a home to sell.