The Spring market continues to be robust with the median price of a single family residence (SFR) increasing another $25k to $1.71 million on the Eastside and $35k in Seattle to $1 million. 79% of Eastside homes and 71% of Seattle homes sold within 15 days. The Eastside condo market had an increase in inventory and a 9.8% drop in the median price to $710,000. Mostly a correction to the 7% price increase we saw last month. Seattle’s condo market remained stable with a slight ($2650) increase in the median price to $627,650.
It’s too soon to tell what the impact of current economic and political uncertainty will have, but I do expect housing prices to stabilize over the next few months as inventory increases. Countering those factors, stock market volatility often leads to more investment in real estate as a safer haven. Also, interest rates dipped, which tends to increase buyer activity.
As always, reach out to me with any market questions or real estate needs. Until then, enjoy the sun and flowers Spring brings!
