December 2019 Update
December 2019 stats show that we are creeping in on the highs we saw in 2018 in most areas and in several other areas prices have already surpassed the previous year. Inventory is now below 1 month which means if there weren’t anymore listings coming on the market there would be nothing to buy in 4 weeks. December 2019 Pendings were up 11% over last December and it appears that momentum is going to carry into a very busy January 2020. Sellers are in an great position right now and those listings that are positioned correctly (Price/Condition) are once again looking at multiple offers.
The Condominium market has been lagging behind 2018 numbers by roughly 2% in total sales. Prices have been somewhat flat over the past 9 months even with a somewhat depleted pool of listings which stands at 2.2 months of inventory. Some areas show a larger than normal reduction in Median price, but that is primarily due to upper end pricing in New Construction Sales in 2018 that has outpace 2019 by roughly 50%. Average market times have paralleled the residential market and should see it continue to fall as the options become more scares.
This report is based on Residential and Condominium sales activities on the Eastside.