Eastside condo November market report: median price drops
The numbers for how the Eastside condo market did in November are out. Median sales price (excluding new construction) dropped for the second month in a row to $525,000 after hitting an all-time high of $550,000 in September.
Unlike median sales price, price per square foot rebounded to $500, matching the all-time high of August earlier this year.
Low inventory continues to be a theme, with just 111 new condo listings in November. This is down from 209 condo sales in November 2020.
Despite that, buyers closed on 200 condos on the Eastside, down from 262 in October. This isn’t a surprising number – we expect the sales to slow in November and December but likely some buyers have turned to condos given the competition on the single-family side.
Speaking of competition, there were enough buyers chasing condos that median percent of list price ticked up in November as well, coming in just a bit above 100% of list price.
For confirmation of buyers grabbing up all the listings they can, we ended November with just 37 units left on the market.
Months of supply is the measure of how long it’d take to sell all the condos on the market. Months of supply dropped again in November. At this level, it’d take just a week to sell all the condos, making it a seller’s market even for condos.