October 2019 Update
October was a busy month as Pending sales outpaced last October’s numbers by 14%. We have seen months of inventory drop to 1.6 Months which was caused by an increase in Buyers and a reduction of New listings. The Median sales prices are just about caught up to last years numbers in most marketplaces and will most likely exceed the previous year in the next month or two. Interest rates continue to hold steady and the opportunity to buy without having to compete for a home is starting to vanish. Either way, we are in the unique situation where Buyers and Sellers both feel they are in the drivers seat. In the end it comes down to properly priced homes that are well maintained that have the greatest upside.
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.