September Eastside condo market report: median sales price ticks up to an all-time high
The numbers for how the Eastside condo market did in September are in and an all-time high was set! Median sales price ticked up to $550,000 (not including new construction). I’m expecting this to continue slow and steady gains over the next several months as more and more development projects are announced in Bellevue.
Bosa just purchased another block to develop on and Create World finally broke ground on the Mari project (formerly known as Altaire for those interested) next to Mira Flats. Avenue and Mari are slated for completion in 2023 and Amazon has been buying up office space like hot cakes. Workers are coming back to Bellevue at some point!
Surprisingly though, median price per square foot dropped to $480, off from it’s all-time high in August of $500.
Typical to the season, new listings slowed to just 232 new condo listings. This isn’t that surprising with companies continuing to delay the return to the office combined with the seasonality. Amazon just announced that team leaders would be responsible for determining work location for their groups but that all workers should be close to an office hub.
Despite, or maybe due to, fewer listings, days on market remained just as short as single-family homes. Condos are spending just six days on the market. Given how flat this has been for several months, my guess is that buyers who are priced out of or frustrated by single-family home competition are moving quickly on condos when they want to own versus renting.
Buyers put 257 condos under contract in September. This was an 11% month-over-month drop from August and not unexpected. If you’re comparing to last year, the market had just re-opened in August and September so there were atypical spikes in real estate during the second half of 2020.
September ended with just 128 condos for sale.
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 like the single-family market.
