Eastside condo April market report: market pulls back as prices stay high
The numbers for what the Eastside condo market (excluding new construction) did in April are out. Every measure of the market pulled back despite median sales price staying flat at the all-time high of $647,500. I’d expect median sales price to dip in May with fewer buyers competing for those condos.
Despite sales price staying high, price per square foot dipped from the all-time high to $578. This means that the same purchase price bought a slightly larger condo this past month than in March.
Normally when prices are at all-time highs, you’d see more sellers put their homes on the market which we saw in March. In April, however, only 228 sellers braved the market, 9% fewer listings month-over-month and 11% fewer than the year before.
Similarly, 9% fewer homes went under contract in April versus March, marking a sharp difference from Seattle where more condos went under contract than any month since 2007!
Another sign of waning interest is a drop in how much homes are selling over list price. In April, percent of list price dropped 2% off the all-time high to 12% over asking. It’s not much but buyers will take any breaks on price they can get right now.
Homes for sale at the end of the month increased for the third month in a row with 98 condos still for sale.
Months of supply is a measure of how long it’d take to sell all the condos for sale. Even though this increased in April, we’d still sell out of all the homes in two weeks.