Seattle Eastside Condo Sales Were Still Strong in February
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.
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!
How Fast Are Seattle Eastside Condos Selling?
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.
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!
Condos are Selling Well During the Holiday Season on Seattle’s Eastside
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!
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!
Is Pricing Your Home Correctly Even More Critical?
The third quarter real estate sales results for the Seattle Eastside are in and there is a very clear story here. Pricing is the key to a successful sale and these numbers prove this to be true. If a home was priced right, it sold, on average, within 7 days for full price. If a home stayed on the market for a few weeks, then a price change was warranted to attract a buyer. The 30% of homes that did not sell for full price needed at least one price reduction to attract a buyer. Homes that fell into this category sold within 95% of full price. There was a "price to pay" for not pricing a home correctly out of the starting gate. If a home was priced too high, buyers did not buy.
The "Total Days on Market" chart demonstrates even more clearly how important pricing is to a successful home sale. It's easy to see that for every month a home is on the market, the selling price is proportionately less.
The third chart shows how may properties sold during a specific market time. It's interesting to see that 73% of the home sold in 30 days. The first chart shows that 70% of those homes sold for full price in less than a week.
So if your home does not sell quickly, it's overpriced for the market. Homes are still selling well and competition is slowing down as we experience the usual fall slump in inventory. Be ready for the market with both price and condition and your home will be one of the ones that sells quickly and for a strong price.
Feel free to contact us to find out more about the market and specific pricing for your home. We're here to help!
Seattle Eastside Condo Sales Are Still Going Strong
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.
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!