Eastside single-family August market report: median sales price retreats from all-time high

The numbers for how the Eastside single-family homes and townhomes market did in August are out.

Surprisingly, median sales price for single-family homes and townhomes retreated from another all-time high in July. Coming in at $1,376,500 for August, this was just a 3% drop in sales price but a welcome sight for buyers who have been increasingly worried of being priced out all summer. For sellers, this shouldn’t cause a panic as homes are still selling quickly (~5 days) and over-asking (~6%)!

We saw another dip in new listings with only 696 homes hitting the market in August. This wasn’t a surprise – August is usually one of the slower months for listings as sellers are encouraged to wait until early September to list while buyers are focused on enjoying the end of summer…usually.

What was a surprise was a rebound in pending home sales! Buyer activity remained strong and 728 homes were put under contract last month. This jumped up from just 633 in July.

Median price per square foot trended along with median sales price and dropped off of July’s all-time down to $548 per square foot.

We end the month with 240 homes for sale, another drop from July. Even though we’re all waiting on a bevy of new listings this month, it still feels like buyers will have very little selection.

Months of supply is a measure of how long it’d take to sell all the homes for sale. Don’t let those little blips fool you – we’ve consistently been around two weeks of supply for a while. This might start to increase with several new construction developments getting closer to pre-sales or releasing new lots.