A Slight Shift in The Condo Market on Seattle’s Eastside?

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. 

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!