October was a bit of a mixed market – the first half was very busy (which is not unusual), then sales slowed down the second half. Eastside statistics reflect that duality with a modest $25k drop in the median price of a single family residence (SFR) to $1.55M. (This is exactly what the SFR median price was a year ago.) Interestingly, the median price of an Eastside condo increased over $16K to $746,701. This may be due to the drop in interest rates last month, which tends to impact lower-priced buyers more, leading to increased competition.
Seattle real estate stats were the big surprise – the median price of an SFR increased $75,000 (nearly 8%) to $1,049,999, which is the second highest median price on record! The condo median price rose over 10% to $577,562. Here, too, affordability may have been the driver.
As is typical this time of year, the number of new listings decreased in both areas. There are still fantastic opportunities for buyers, but that window is closing as more sellers pull their listings off the market until the 1st quarter. Combined with fewer listings coming on the market, inventory will likely shrink more than usual through the end of the year.
Recent cold temps are a reminder that winter is right around the corner. It’s a great time to clean gutters, cover hose spigots, and have your furnace serviced. Let me know if you need any referrals – I have trusted resources for home maintenance. Just send me a text or give me a call if there is anything I can do to help you and yours with your real estate needs.
Until then, I hope you are enjoying the gorgeous Fall foliage!
