What’s Happening in the Market
Eastside (based on Residential and Condominium report):
- Closed median price at an all-time high of $748,944, up 20% from a year ago
- Price appreciation is being driven by low supply and high demand. Eastside months’ supply of inventory is less than three weeks, the lowest ever!
- 748 active listings as of 4/30/17. Down 33% from the year before and 48% from two years before.
- Scarcity has buyers paying above list price on 65% of the sales that closed in April.
- What was the cost of waiting on year (April 2016 vs April 2017) to buy? $123,944 in median price. $9,026 per year in payment.