What's Happening in the Market

July 2020 Update

All roads seem to be ending at a multiple offer situation right now!  Over the past 3 days 57% of all listings on the Eastside contain a “Review Date” which indicates strong feelings by the listing agent of Multiple offers.  Prices continue to rise across every area mentioned here with Market times falling roughly 20-30% in most  vs. this time last year.  Eastside median prices topped the $1M mark for the second time this year while available homes has fallen to less than 3 ½ weeks & Interest rates hover at all time lows of less than 3% for a conventional loan. By all accounts we are seeing the Spring Market moved to the Summer months as projected.

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.