Market Advice May 12, 2023

Eastside Stats – May 2023



Pricing has been a roller coaster, to say the least. The Eastside is down 16% year-over-year, but up 10% since January. Before prices started to drop/correct they rose a whopping, clearly unsustainable, 31% in 7 months, from September 2021 to April 2022. Then, from April 2022 to August 2022, prices dropped/corrected 22% over four months as interest rates rapidly rose. Whew, that was quite a ride! Inventory continues to be low. Homes priced right and in good condition are selling with multiple offers a median of 5% over the asking price. If the house stays on the market for more than 2 weeks, it is selling at 3% under asking. That is an 8% swing! The CPI data dipped to 4.9%, which is supposed to be promising news for interest rates. Time will tell.