March Eastside Stats

I’m surprised prices are down only 1% month-over-month, as last month’s whopping $1.7M median price seemed like an anomaly. I still think the number is artificially high. Some analysis showed more high-end home selling which is likely skewing the numbers, but it’s not clear. Even with the small dip, there is a staggering 15% year-over-year appreciation. I had previously predicted that we would be at the April 2022 peak (just before interest rates rose) of $1.722M this spring. I’m not sure that will happen, as the stock market volatility has scared away some buyers, and even though we only have 1.5 months of inventory, inventory is growing. Both factors should put downward pressure on pricing, but time will tell.