Eastside condo May market report: median sales price climbs to a new high
The numbers for how the Eastside condo market (excluding new construction) did in May are in and unlike the single-family market, it looks like condos are heating up!
Median sales price hit a new all-time high for the second time in three months at $659,500. This is up 22% year-over-year. Median price per square also rose to $584, just shy of the all-time high from March.
282 new listings came on the market in May, easily the largest month for listings this year. Historically, May and June have been peak months in pre-Covid years so I’d expect a similar number of listings in June and then for it to tail off the rest of the year.
Buyers put 232 condos under contract last month which was also the biggest month of the year. This is still down 11% from last year but higher than 2018 and 2019. It will be interesting to see if the increase in condo buyers continues next month with the price drops in the single-family market.
It’s still a sellers market as many condos continued to get multiple offers. Competitive properties sell for more than list price and May was no exception. Even though it eased off, most condos sold for 7% over list price.
We ended the month with 126 condos left for sale. This was 28 more listings than April.
Months of supply is a measure of how long it’d take to sell all the condos for sale. While it increased slightly, it would still take just a couple of weeks to sell all of the inventory currently available.
