Eastside February Stats

I hesitated to share this month’s stats, as that median price of $1.7M, an 11% increase, isn’t likely the true story. While it IS the real median number, I’m just not sure it’s telling the true story, as price trends have so many variables and are a tricky, almost impossible, metric to measure. My suspicion is that there were some factors at play that artificially raised this number. Regardless, the market is robust, with 30 percent selling with multiple offers, a median of 6% over the asking price. This week, I have heard of 3 situations where the price went 20% over asking, which is bonkers. That said, when I dove deeper into the data, there were more new listings than this time last year. Couple that with the higher-than-last year inventory we started with, and it would seem things would soften a bit. Months of inventory based on pending sales is around 1.5 months, which is a seller’s market, but if you look at solds, it’s more like 2 months, which is a balanced market. It certainly feels like a sellers’ market. Bottom line, I’m conflicted by the data and not quite sure what to make of it all yet.