The median price of both Single Family Residences (SFRs) and condos on the Eastside fell around 3.5% in May as inventory continued to increase. In Seattle, the SFR median price decreased 1.4% and the condo median price fell 4%. The number of Active Listings at the end of May for both the Eastside and Seattle was the highest since 2019. Historically, June and July are our highest inventory months, so I expect more areas to move into a “balanced market” as summer progresses, making it a terrific time to buy.
As available housing has increased, so have market times in both areas. A statistic of particular note for Eastside sellers is that the percentage of homes that had a price drop before selling rose from 12% in April to 21% in May, underscoring the importance of getting your home market-ready and not overpricing. Buyer activity has slowed, but there is still good interest in pristine, well-priced homes.
If you or someone you know is looking to make a move, I’d love to help them find that perfect spot to call home. Ready to sell? I can help you determine what needs to be done to maximize your return and I have trusted tradespeople who can get the job done. Just let me know how I can help.
