Eastside condo July market report: median price drops 14% month-over-month
The numbers for how the Eastside condo market (excluding new construction) did in July are out and similar to the single-family and townhome market, condo prices dropped 14% month-over-month. Condo prices stayed high a month later than single-family homes did but as the overall market continues to cool, I expect prices will continue to cool as well.
Here’s a deep dive into all the numbers:
We saw a slight dip in new condo listings this past month with just 277 new listings. This is down 18% year-over-year as July 2021 was the peak month for new listings with over 300 units.
Taking advantage of a cooling market and prices, buyer activity increased slightly in July with 165 condos being put under contract. This is down 40% from July of 2021 when 276 condos were put under contract.
Also following the single-family market, days on market increased to six days last month. While not a huge increase, expect this to increase again next month – August is usually the slowest month of the year for real estate.
We ended the month with 270 condos still on the market, an increase of 15% month-over-month and a huge 54% year-over-year. It’s great news for buyers as that’s nearly as many as new listings. Buyers will have lots of choices and sellers will be competing with each other for buyer attention rather than the other way around.
With that many homes still for sale, it’s no surprise that months of supply, a measure of how long it’d take to sell all the condos for sale, increased again. The Eastside is now at 1.5 months of supply and we’ll likely continue towards a balanced market (three months of supply) over the next several months.