October Eastside condo market report: prices retreat from all-time high
The numbers for how the Eastside condo market did in October are in. Overall, the market followed patterns that you would expect this time of year – slowing down!
Last month we saw the median sales price hit an all-time high, contrary to the season. In October, that cooled off slightly to $545,000 (excluding new construction), a 2% drop month-over-month. Median price per square foot dropped to $478.
New condo listings continued to decline with just 179 homes hitting the market.
Buyers put 204 homes under contract in October, a decline from the month prior. If you’re looking for a less competitive home purchase, the median percent of list price was right at 100%.
Another sign that the market is slowing down, median days on market increased to seven days.
At the end of the month, there were 77 condos for sale on the Eastside, mirroring the very low inventory in the single-family and townhome market.
Months of supply is a measure of how long it’d take to sell all the homes for sale. It’s no surprise to anyone that the existing inventory would sell out in just about 10 days.