Market Advice July 25, 2023

July Eastside Market Update

“Third verse same as the first” is what comes to mind. Stats are the same for the third month in a row. Median pricing is holding steady at $1.45M, which is 5% lower than this time a year ago BUT 10% higher than January 2023. If prices continue to stay flat, which I think they will, next month we will have year-over-year appreciation of 7%, and the crazy 8-month 35% ramp-up with the subsequent 5-month 22% depreciation will be behind us. Yay! Inventory continues to be tight and we are solidly in a Sellers’ Market with only 1.1 months of inventory. Tight inventory has been the theme of the year and will likely continue for the foreseeable future. July and August tend to be squishier (less active) months, so it will be interesting to see what happens.