September Eastside single-family market report: median price cools as fall rolls in
The numbers for how the Eastside single-family houses and townhome market did in September are in. As expected, the median sales price of homes has continued to cool as it usually does around this time of year. Median price has dropped 5% from the high of $1,425,000 in July to $1,350,000 in September.
While this is typical price behavior, if you’re a buyer right now you may feel like good homes are ultra competitive. Sellers, if your home is move-in ready, you likely don’t need to wait until 2022 to sell!
Price per square foot continues to peak, contrary to median sales price. In September, price per square foot hit the all-time high (again) at $561. For those doing the math, buyers were getting an extra 140 square feet at that price in July.
The peak in price per square foot isn’t surprising as new listings dropped off in September. If you recall, we got a bump in new listings after Labor Day but not the spike we were hoping for. 623 homes hit the market, down 9% from August and 29% from the peak in June.
Again, contrary to how competitive it feels out there, pending homes sales dropped in September after jumping back up in August. Buyers put 575 homes under contract last month. Sellers, this might seem like a reason to wait but the drop is primarily due to the drop in new listings.
In addition, median days on market remained unchanged at just five days.
At the end of the month, there were 248 homes for sale. August ended at 255.
Months of supply is a measure of how long it’d take to sell all the homes for sale. Given the lack of listings, it’s not surprising that this stayed flat at just under two weeks.
