Eastside condo June market report: pending sales hits record high two months running
The numbers for how the Eastside condo market did in June are in and for the second month in a row, we hit a new high in the number of condos put under contract. 303 condos were put under contract in June indicating the second month of strong interest in condos. Only 6% of those pending condo sales were new construction – sellers are likely getting on the market ahead of the return to work news out of the large tech companies like Amazon and Google around King County. Sellers listed 305 condos for sale in June.
Median sales price for Eastside condos ticked up slightly to $559,725. This is inline with the pattern we’re seeing of median condo prices hovering around $550,000. I think we’ll continue to hover around that line until some of the larger luxury condo buildings start closing on their sales.
Median price per square foot dropped off from its historic peak of last month to $486 per square foot. This indicates that prices are actually slightly higher than the median sales price indicates as smaller condos are selling for more than they would have in May.
We ended the month with 155 condos still for sale. This is the lowest level since February of 2020 but no where near the lows of 2017/2018 (66 in December of 2017!)
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. We’re just over two weeks of supply right now. Sellers – it’s a good time to get your condo as there are buyers are looking for homes!