Eastside single-family November market report: median price drops from all-time high
The numbers for how the Eastside single-family and townhome market are out and the most notable number is median sales price. Buyers (and me) will be surprised to learn that median sales price actually dropped to $1,425,888 on the Eastside. This marks a 5% drop month-over-month after hitting an all-time high in October.
I expect this to reverse when the numbers come out in December based on the amount of pent up buyer demand out there. Only 316 new listings hit the market last month! Median price per square foot continued its march on record highs – hitting another high in November at $606.
As a result, competition was even fiercer and median percent of list price rose again to 109%. Buyers, if you’re not in a hurry, waiting is the right play until January/February/March when new listings typically start to pick up again. Sellers, there are still buyers out there willing to escalate high to call your house their home!
November ended with just 79 homes for sale and months of supply, the measure of how long it’d take to sell all the homes on the market, dropped to 0.1 months (or three days)! Both are all-time lows – it’s still very much a seller’s market.