Eastside condo May market report: pending homes sales hits all-time high

The numbers for how the Eastside condo market did in May and it certainly feels like the condo market is back in action.

The first remarkable piece of information is that buyers put a record number of condos under contract on the Eastside last month. 301 new condo owners is likely a by-product of a some buyers getting priced out of single-family homes, multiple new construction projects, and the impending return to offices around King County.

The next notable number is that the median percent of list price, which measures whether homes sold at, below, or above the list price came in at nearly 102%. Sellers, if your condo is priced well the buyers are out there and they are writing offers!

There was a slight dip in new condo listings in May. We’ll keep an eye on how listings do through this month as May or June are usually the peak months for new listings. Over in Seattle, we’re wondering if there will be a spike in new listings as workers head back to the office at the tail end of the summer.

Median sales price is hovering around $550,000 and it’s been see-sawing around that range all year after setting a record in November of 2020. I think we’ll see it stabilize right near that mark for the next couple of months as buyers get priced out of single-family homes and more new construction buildings start their pre-sales. We’ve had multiple buyers reach out for information on Altaire in the last couple of weeks – we’re just as anxious to learn more about their timeline!

Median price per square foot hit another all-time high as well, coming in at $496 per square foot. This is a signal that prices are actually on the rise despite the see-sawing of the median sales price. With the record number of pending sales in May, I expect we’ll prices rise again in June. Buyers, it’s a good time to buy a condo if you’ve been on the sidelines. If prices rise, more sellers will come off the bench.

In terms of speed, condos are selling quickly! Median days on market in May was five days, matching the all time low of April 2020. This also matches the speed at which single-family homes are selling for on the Eastside.

Months of supply is a measure of how long it would take to sell all the homes on the market if no new homes hit the market. This is the last piece of the puzzle that makes me think we’re in a sellers’ market more than a buyers’ market. Supply has been dwindling all year and we’re looking at around three weeks of condo inventory on the Eastside. We’re not at the all-time lows of 2018 but we’re getting close!