January’s Eastside stats are in! Year-over-year median prices are up 2%, but for single family homes only, prices are down 3%. Basically, prices are flat, as pricing is tricky to gauge (due to variations in home sizes, condition, location, ect). Also, 12% of homes did sell over asking price, many of these were after a price drop, which illustrates the price sensitive nature of our market.
Months of inventory is at 2.0 based on pending sales, but if you look at closed sales the number is 3.1. Anything less than 3 months of inventory is a seller’s market, so we are still in a seller’s market leaning towards a balanced market. Year-over-year, this is a 122% increase in inventory. This makes sense, as there were 130% more active listings, 23% more new listings, and 17% less pendings in January 2019 versus 2018. It’s clear the market has changed, but is still strong—just not crazy. Again, we are now traveling at 70 miles per hour vs 155 miles per hour.