Eastside single-family April market report: median sales price dips…slightly…
The numbers for how the single-family and townhome market did in April. Leading off, median sales price stopped its upward tear and dipped, even if it was a slight dip. Median sales price was $1,860,000 last month, a dip of 1% or $15,000. We’re still up 37% over 2021…
Looking forward, I expect May to have a slight rebound in median sales price as buyers acclimate to the higher interest rates this month. The increase in rates will move buyers down the price brackets so even though there will be less competition per home, there will continue to be big swings to keep racing against those rate increases.
Let’s look deeper at the market:
To measure competition, we look at how much over list price homes are selling for. In April, the percent of list price dipped for the second month in a row to 114% over asking. High sales prices and rising interest rates are making it tough for more buyers to compete at crazy levels.
The dip in price and competition is also due to buyers being spread out over more listings. The 834 new listings in April was the highest month for new listings since June of 2021 (which was the peak). I’m hoping the market hasn’t peaked in April and we continue to see more listings in May and June.
Despite a big month for listings, buyers put slightly fewer homes under contract than March. Buyer affordability is definitely causing fatigue and pricing some folks out of what they’re looking for.
The market has stayed quick, just five days from listing to mutual. (Note that March was four days!)
We ended the month with 430 homes still on the market. Keep in mind that the last week in April was the biggest week of new listings this year. That said, that’s a huge increase from March!
Seeing 400+ homes still on market means no surprise that months of supply increased. This is a measure of how long it would take to sell all of the homes on the market and we’re almost back to a full a month of inventory… a balanced market is three…