Eastside Single-Family February market: inventory at all-time low; prices at all-time high
The big number to watch coming out of February on the Eastside is the number of homes for sale. We ended February with only 190 single-family homes and townhomes for sale. I don’t believe we’ve seen it this low, except in December and January.
That’s great news for home sellers – you’ll have a lot of competition for your home and it should sell fast – in February, homes only spent 5 days on the market. However, if you’re also looking to buy, it’s going to be tough to find that next home.
The good news for all buyers is that March is a big month for homes hitting the market. March has seen more than 700 new listings in each of the last 10 years.
The constrained inventory is having the expected impact of driving prices higher. Median priced for single-family homes jumped up 24.9% month-over-month to $1,317,700, which is an all-time high. Dollars per square foot was up to $487.
My prediction for March is that competition for buyers is going to continue to be fierce but it all depends on if the expected spring bump in new listings comes through like it has in previous years. It’s definitely still an ideal time to get your home on the market if you’re a seller, as there are plenty of buyers!