Our real estate market remains strong as we continue to do business despite the current situation. Here’s what you need to know.
The Eastside market experienced a higher number of sales in March compared to February. Why? The economic conditions in our community, powered by the establishment of mid- to large-sized corporations in the tech industry, are causing job instability.
The demand from homebuyers is relentless due to a spike in salaries and bonus packages from employers, creating confidence in consumption. Multiple-offer scenarios in desirable communities are now more commonplace.
The market is steady and healthy for the time being.
Our average sale price increased by over $3,000 in March. The largest rise was in the resale market. Resale inventory started to fall in the last quarter of 2019. The listing discounts and days on market decreased sharply.
The three most important things you need to know are:
1. The market is stronger in the $875,000 range
2. The market is steady and healthy for the time being.
3. The $575,000 to $995,000 range is what’s selling best
The number of condo and townhome sales increased in the last month. There was less negotiability and less time on the market. Average condo prices remain steady.
New development inventory rose as resale inventory slipped in the $1.5 M and higher segment.
The number of sold units decreased. There was a decrease in negotiability as buyers got more in line with market competitiveness.
What can we expect moving forward? Indicators such as an increased volume in sales show the market is steady and healthy for the time being.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you.