First and foremost, I hope that you and your family are doing well and adapting to this “new normal”. Our prayers certainly go out to those that have lost family members and those that have lost jobs. It has been a long seven months with so many financial and life changes. We will get through this as a community, a nation, and the world.
The real estate market across the county is doing well and here on the Eastside we have enjoyed a 10% increase in home prices. Record low inventory of homes for sale coupled with record low mortgage interest rates and an unknown financial climate has left all of us face with a new normal.
The volume of sales was down 33% from the production in 2019. The covid-19 virus disrupted the 2nd quarter eastside real estate market. The uncertainty of the virus kept sellers from offering their homes for sale. The low inventory kept prices from falling too much.
The 3rd quarter opened up a bit as for the number of homes for sale. However, they were gobbled up almost immediately with a median of 3 days on the market. Multiple offers are the norm in this market. Sellers, as a whole, have been reasonable with list prices as those that over price just sit waiting for a reduction.
The current median price on the Eastside is $925,000. The overall decrease in SOLD prices in the 3rd quarter was not caused by falling prices. Across the board, homes are selling for more than list price. It seems to be because the increased volume of homes priced around $750,000 that have been coming on the market allowing those owners to move up or out.
I have been recording the quarterly information for several years. It’s been fun and eye opening watching our real estate market. At the end of 2012, the median price was $510,000 and 7% of the homes were price between 1M and 2 million. By the end of 2019, 36% of the homes were priced between 1M and 2 million and the median price was $920,000. That is an 80% increase in home values.
To see the Eastside Market Report or to see what the market has done for your home value, just click the email envelope at the top of the newsletter and ask! More about Tom, client testimonials and his services.
Check REX2020.com for more Real Estate Solutions that are both informative and timely for today’s real estate market. Let me know if you have been thinking about a move … it may be time to start planning.
With the help of my past clients, I have created step by step guides for both Sellers and Buyers meeting the ever-changing real estate market and proven by my 30 years of experience. My guides are FREE for everyone that meets with me to discuss their needs and expectations. Whether it’s time to buy now or in the future, we will look at options and put a plan of action in place. Contact me directly Tom Perry – Realty Executives Brio – Bellevue Washington
Tom has created step by step guides for both Sellers and Buyers based on the current market and proven by his 30 years of experience. His guides are FREE for everyone that meets with him to discuss their needs and expectations. Whether it’s time to buy now or in the future, he will present options and help you to put a plan of action in place. Contact Tom Directly