Eastside condo February market report: median price near all-time high
The numbers for what the Eastside condo market did in February are out:
The median price for condos on the Eastside (excluding new construction) was $550,750 in February. This is just below the all-time high of $555,000 back in July of 2021. While the Seattle condo market peaked in 2018 and has been recovering since then, then Eastside market has been steady since March of 2021 and gathering steam. Sellers, it’s a good time to be selling your condo as you’ll see from how fast they’re selling to the increasing competition.
In February, the median days on market for condos dropped to just four days, the fifth straight month that the condo market has continued to heat up.
While median price is just below the all-time high, price per square foot did hit a new high at $532.
February saw 199 new listings and buyers put 185 under contract.
The Eastside also saw its third month in a row of more competitive sales with median percent of list price increasing to 8% over list price.
We ended the month with just 40 condo properties for sale, up from the all-time low of 17 in December.
Months of supply is a measure of how long it’d take to sell all the homes for sale. This ticked up for the second month in a row to about 6 days to sell out of all the condos. Sellers, we need you!