Eastside condo March market report: median price smashes all-time high

The numbers for what the Eastside condo market did in March are out and median sales price exploded through the all-time high!

Jumping 17% in March, median price climbed to $645,000. Before condo buyers panic, this is number is skewed by condo townhomes. About 24% of March condo sales on the Eastside were townhomes and these had a median price of $939,629.

Condo sellers responded to rising sales prices with 259 new listings. This is up 31% from month-over-month but down about 5% from 2021.

Median days on market rose to five days as smart sellers held to their offer review dates for multiple offers.

We know that sellers held to their review dates and received multiple offers by a sharp increase in median percent over list price – 14%. For the buyers looking at condo townhomes, the median percent over list price was 21%!

In kind, median price per square foot grew 13% month-over-month to $601, another new high.

Buyers put 223 condos under contract in March. About 27% of those were condo townhomes so I expect that median price will rise again when we look at the numbers from April in a few weeks.

We ended the month with 70 condo properties for sale.

Months of supply is a measure of how long it’d take to sell all the homes for sale. Increasing to 10 days, we still need more sellers! And more new construction!