Eye On The Market

The Eastside sales numbers show that the market for last year was stable. The number of existing homes, condominiums and New construction sold in 2019 was about a half percent greater than in 2018.

Average prices for all categories on the Eastside were down about 2%, however new construction prices were up about 6% while existing homes and condos were down about 2 %. A 2% change given the limitations of using average prices as a measurement and the wild fluctuations we saw in listing inventory really translates to prices being flat for the year. This is a trend we do not see continuing in 2020.

Average days to sell were up for all categories. But given that fact that the longest sale time, which was for new construction was only 62 days, we can say these numbers reflect a very fast moving market. An average balanced market can see market times well over 100 days. And two months’ time on the market for new construction is a very low number.

The list (asking price) to sales price ratio for the Eastside was around 99%, again suggesting that prices are not heading downward anytime soon.