Eastside single-family February market report: broken record(s)… median price soars again!
The numbers for how the single-family and townhome market did on the Eastside during the month of February.
Last month we reported that Bellevue home prices passed Manhattan. The median price on the Eastside backs that up as it soared to a new all-time record at $1,760,000. This is a massive jump after median price dropped to just over $1.5M in January.
Buyers, you’ll want to take a deep breath and prepare for the competition to continue to be fierce for those single-family homes. Percent of list price hit another all time record at 20% over list!
Despite that competition, 393 homes were put under contract while 464 new listings were put on the market. An odd stat – that doesn’t feel like nearly enough listings but it’s more than 2021 (431) and lower than 2020 (510).
Following median sales price and the low inventory, median price per square foot also hit a new high of $711.
We ended the month with 127 homes for sale due to more homes being listed on the back end of the month than the beginning.
Months of supply is a measure of how long it’d take to sell all the homes for sale. At these inventory levels, even though it ticked up last month, we’d sell out of all the homes in just 6 days.