Eastside stats for Single Family Residences (SFRs) show the median price dropped 4% to $1.435M in January, which is likely a correction to the previous month’s surprising 5% increase. I expect prices to stabilize now as we move into our busiest season. The Eastside condo market experienced a dramatic increase in inventory that translated into a significantly lower median price of $628k, a 15% decrease from the previous month. Condo financing continues to be challenging, which could also be having a dampening effect.
The greater Seattle area was harder hit by the seasonal slowdown with the SFR median price dropping 7% to $850k. The median price of a Seattle condo stayed relatively stable at $555k, though I do expect increasing condo inventory to exert downward pressure on pricing.
Overall, very few homes sold over list price in either area and an increasing number of homes experienced a price drop before selling. My experience is that buyers are being more selective than ever and are willing to wait for the “perfect home”. They are not typically interested in taking on deferred maintenance issues or making upgrades to a dated home. As a result, pricing and presentation have never been more important. Sellers hoping to get top dollar for a home that isn’t market-ready are likely to experience extended market times and price reductions. On the other hand, for the rare buyer willing to put in some sweat equity, there are opportunities to be had!
I’m happy to share my expertise with you in determining how best to prepare your home for sale and I’m always happy to help you or yours find your dream home. Just send me a text or email or give me a call!
