Eastside single-family June market report: median sales price back to all-time high
The numbers for what the single-family home and townhome market on the Eastside did in June are in. The most notable number, especially for sellers as we move into the slow end of summer, is that median sales price hit another all-time high at $1,416,000! Except for a brief dip in April, we’ve consistently seen home price increases since late 2020. If you’re thinking about selling a home, you can still get top dollar!
899 new listings were put on the market as sellers were drawn out by the soaring home prices and the fierce competition. Their agents were also likely trying to get them listed and under contract before the 4th of July weekend to avoid the post-holiday slowing.
This is backed up by pending home sales hitting an all-time high as well. Last month, condo sales hit a new record on the Eastside and buyer activity was not to be outdone in June! 818 homes were put under contract in June.
Another measure of buyer activity is how quickly homes sell in the median days on market. We continue to be at historic lows with most homes spending just five days on the market before accepting an offer. This speed and competition drives prices up. The market also hit an all-time high for price per square foot (again) at $550 per square foot.
Buyers are looking for good news or easing of the competition. Anecdotally it does feel like more homes are getting only a handful of offers and offer review dates are going by. The only statistic we to have to back that up is a drop in how much over list homes are selling. Median percent of last list price dropped 2% off of the all-time high. Single-family homes and townhomes are still selling for 10% over asking though!
We ended the month with just 256 homes left for sale on the Eastside. While this is a tick up from where we ended in May (218), we’d still like to see more homes spill over into the next month in order for buyers to continue to have choices in their next home!
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. For the last several months, this number has been tightening as we’re starved for inventory. In June, it actually went up to 0.8 months from 0.7 months in May! Right now it would take about three weeks to sell all of the single-family homes and townhomes available on the Eastside. It’s definitely still a sellers’ market out there!