Eastside condo market August report: median sales price remains below all-time high
The numbers for how the Eastside condo market did in August are out.
Median sales price (not including new construction) hasn’t fluctuated much in the last few months and is down from the all-time high in June. The median landed at $536,500, roughly flat month-over-month. Median price per square foot however hit another all-time high at $500 per.
Unsurprisingly, new listings dropped 20% in August. However, 285 listings is on par with previous years.
August proved to be a strong month for buyers, despite what felt like low inventory. 291 homes were put under contract which is close to the all-time high.
Concurrently, with all that buyer activity, condos left for sale at the end of August dropped again to just under 200 homes. I expect this number to be up at the end of September but we’d still want to see more to feel like we’re in a balanced market.
Months of supply is a measure of how long it’d take to sell all the homes for sale. We’ve been just under a month’s supply of inventory all year. We will likely see some correction in inventory during September and then supply will wind down for the holidays until March of next year.