October Eastside single-family market report: prices pop back to all-time highs
The numbers for how the Eastside single-family and townhome market did in October are in. If you’re a buyer on the hunt for a home this fall, the headline is not going to shock you. Median sales price climbed back to an all-time high at $1,484,353. Median price per square foot followed suit, hitting another all-time high of $566.
Normally we’d see home prices cool in the fall but high buyer demand left over from the summer has kept the competition high as inventory dropped. 489 homes were listed in the month of October, a 19% decrease month-over-month.
As such, the price escalations have been wild and October saw the median percent of list price increase back to 107% after dropping steadily for the previous four months. Median days on market hasn’t budged in eight months and continues to be just five days.
Unsurprisingly, with competition high and buyers putting just about every home available under contract, we ended October with just 165 homes left for sale – an all-time low!
Months of supply is a measure of how long it’d take to sell all the homes for sale. If you can believe it, this actually dropped again in October to 0.3 months or around 10 days!