What's Happening in the Market

April 2020 Update

Prices continue to rise as Supply and Demand seem to be in lock step with each other as we were prior to the SHSH order.  While sales have been plugging along at roughly 70% of last years count, so have new listings.  Market times have also continued to fall as 81% of the homes listed have Sold in less than 15 days with 51% of the sale selling on average of 4% over asking price.  Unemployment has only reach 6% locally (17% nationally) & Interest rates hovering around 3.5% creating what could be a very busy Summer Real Estate market in the greater Puget Sound marketplace.  Buyers are still being active and Sellers that focus on properly Pricing and Condition their property to sell are seeing exceptional interest.”

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.