How Strong is the Seattle Eastside Condo Real Estate Market?
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.
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!
Was The Seattle-Eastside Condo Market Still Strong in August?
Sixty percent of the available condos on Seattle's Eastside sold in August. It's terrific to think that 2/3 of the August inventory sold. The number of sales was none too shabby, but the market has slowed. Earlier this year, 8 out of 10 condos sold in a given month. But selling 6 out of 10 condos is still nothing to sneeze at. It's still a very strong condo sales market.
Median pricing stayed the same as July, $272,000. Median pricing seems to have stabilized as pricing for the last four months ranged from $269,000-$279,000.
Condos were on the market for 45 days. If no other condos had come up for sale, it would have taken less than two months to sell all of the inventory available in August.
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 Sailed Through July
More condos were for sale in July than any month so far this year, but condo sales were still strong.
Median pricing dropped a bit from June to $272,000. This does not reflect a drop in prices, but only that the median price of the condos sold in July was less than what sold in June.
We expect prices to continue to increase. As an example of what's still happening in the market, we just sold a condo in Redmond in less than 2 days for 10% above the asking price! Not all condos or homes, for that matter, are selling over full price because of the increase in inventory. Our listing was staged beautifully, professionally photographed, and priced realistically. It immediately caught the buyer's attention and the seller received a fabulous offer.
Condos were on the market for less than 45 days. It would have taken less than two months to sell all of the inventory available in July.
Since there still are a number of condo owners "under water" who are waiting for prices to increase even more, expect the market to remain strong, even if inventory increases. We still have a shortage of condos for sale when compared to the demand.
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!
June Condo Sales on Seattle’s Eastside Were Still Smoking!
Seattle Eastside Condo Real Estate is still terrific! Since so many of the available condos sold in June, like most months this year, it seems like it's impossible to get a condo. If you're are looking for a condo to buy, more are coming on the market each month, so there's a fresh supply available. You've just got to be quick as they sell so quickly. Condos are selling in just over a month! In June of 2012, it took 3 months to sell a condo. This is still a very fast paced market.
Median pricing jumped up to $280,000 in June and I hope we can cross the threshold to $300,000 for a median price in the near future. The good news is as the prices go up, more condos will come on the market as more sellers will be able to afford to sell. Higher prices are great for sellers, but not all bad for buyers, since it means more condos should come on the market.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
Seattle Eastside Condo Sales Were Booming in May
Looking for a condo in Seattle's Eastside cities of Bellevue, Redmond, Kirkland, etc? There are a few more choices, but they are going fast. If no other condos were to come up on the eastside, it would only take 1.4 months to sell all the available condos. Supply increased in May, but sales were also up. Condos on Seattle's Eastside are still hot! May condo sales were as as hot as April. In both April and May, 86% of all the available condos sold.
As I mentioned last month, condo owners suffered the most during the downturn, so we're pleased to see the market improve for them. We've had several sellers who have been waiting for a few years for values to increase to the point that they no longer are under water. Some of these sellers are now thinking about making a move!
Median pricing jumped up to $272,000 in May, which is exactly where we thought median pricing would be based on the huge amount of activity.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!