Eastside condo January market report: median sales price climbs upward to start the year
The numbers for how the Eastside condo real estate market did in January are out.
Unlike the single-family home market, median sales price for condos (not including new construction), climbed upward to $531,500 in January. This is a 5% increase from December and a 27% increase over January 2021.
It felt all last year that condos were the choice for buyers looking for a non-competitive purchase but January closings saw condos sell for 8% over asking. Keep in mind, that these homes went pending in December when inventory was near an all-time low.
Median price per square foot climbed back to all time highs at $501. This is not a surprise given the increased competition for condos.
Buyers put 140 units under contract last month, nearly double the number of pending sales in December. With just 193 sellers putting their homes on the market, buyers are grabbing more condos right now.
Further illustrating that the condo market is heating up, median days on market dropped to just 5 days.
We ended the month with just 32 condos left on the market!
Months of supply is the measure of how long it’d take to sell all the condos on the market. Just like the single-family home market, the all-time low of inventory continued at just 3 days to sell out the market.