Eastside single-family August market report: median sales price drops $90k to the lowest of the year
Better late than never but the numbers for how the Eastside single-family and townhome market did in August are out. Similar to the condo market, sales price is down but pending sales were up month-over-month. For single-family houses, median sales price dropped $90k to $1,425,000 in August. This marks the lowest point in the year for sales price on the Eastside. We normally see a cooling of prices in the second half of the year but we can’t deny that rising interest rates and a slumping stock market are a factor in dropping home prices.
Let’s dive in to the rest of the numbers!
Median price per square foot has been at its lowest point and dropping since June. August continued that trend at $579.
New listings were down 26% month-over-month with only 570 new listings on the Eastside. This isn’t wholly surprising given that August is typically a slow month with families being on vacation but that is a larger than normal drop.
Buyers were more active in August compared to July, putting 474 homes under contract. Despite interest rates, there are some buyers who are able to take advantage of the new negotiating power they’re finding themselves with.
Speaking of negotiating power, buyers are finding that homes are staying on the market for two weeks and selling for 3% below list price. If you can find a property that fits your needs, you’re likely the only buyer going after it right now!
The only slightly surprising number is that the number of homes for sale at the end of the month dropped 13% month-over-month to 863 homes. This is likely the combination of buyers taking time off due to mortgage rates and vacations and sellers hesitating slightly due to the market shifting so dramatically from the first half of the year.
The months of supply, a measure of how long it’d take to sell all the homes for sales dropped to just under two months of supply. A balanced market is usually around three months of supply.