Eastside Real Estate Market Update — January 2023
The Eastside real estate market is always changing, and if you're thinking about buying or selling a home in Eastside, you need to be up to date with market activity. Here, we've compiled six charts featuring data for you to compare to help you should buy or sell now or later.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
Eastside Homes Listed Monthly
2022 started lower than all of the previous years depicted on the chart but peaked in June, where it was higher than any of the previous years. Since that point, there was a gradual decrease in new listings, minus a nice bump in September. December finished out the year with 257 new listings, less than half the number 2022 started with.
Eastside Active Listings
2022 started with a historically low inventory at just 260 active listings in Eastside. However, that number grew throughout the year before hitting a late peak in September and decreasing throughout the rest of the year. Compared to years past, 2022 had the most December active listing of the past four years.
Eastside Homes Pending Monthly
Pending listings started out quite low compared to previous years, at that number remained fairly low throughout 2022, never setting any historic highs. December ended with 234 pending listings in Eastside, the lowest of any December in recent years.
Eastside Homes Sold Monthly
Like pending listings, total sales also started low in 2022, with 291 in all. That number had many ups and downs throughout the year before starting the end-of-year decline in October. December had 298 sales—seven more than where we started in January.
Eastside Average Selling Price Per Month - Single-Family Homes
While sales numbers have been down compared to previous years, sales prices have been up throughout the vast majority of 2022. For single-family homes, January started with an average price of more than $1.5 million, and the year peaked in April. Since then, there was a gradual decrease before hitting another upward spike in October. For the rest of the year, prices trended downwards, ending with over $1.3 million in December—the only point in the year where prices were lower than those of previous years.
Eastside Average Selling Price Per Month - Condos & Townhomes
Eastside condo and townhome prices peaked in April, fairly early in the year. Since then, 2022 saw gradual declines and an impressive spike in September. After more declines, 2022 ended with an increase in December, rising about $40,000 from November. December 2022 was also the highest year-end price of any of the years featured on the chart.
Let RexMont Help You Buy Your Next Home
The Eastside real estate market is active, with homes moving on a monthly basis. If you are looking to buy a home in this area, RexMont Real Estate can help. We have experienced agents who will work hard to find the perfect property for you. Contact us today to get started!
Previous Market Updates
December 2022 Eastside Real Estate Market Update
Here is our historical analysis of the changes that occurred in November 2022, as originally published in December.
New Listings Monthly in Eastside
So far, 2022 has been a very average year for Eastside when compared to the past three years. The number of new listings has been falling since September continues to November, but it's in-line with previous years in degree of reduction.
Active Listings Monthly in Eastside
2022 has been an exciting year for Eastside in terms of active listings. While the year started lower than it had in the last three years, this November has had the highest number of active listings of the past thre years.
Pending Listings Monthly in Eastside
Since September, pending listings have been falling every month, and November has been no exception. November saw the lowest number of pending listings in all of 2022, due in part to the cooling market as well as rising interest rates.
Sales Monthly in Eastside
In line with the low number of pending listings, the number of Eastside sales for November was just as low. This is to be expected, as sales will typically follow the patterns set by pending listings.
Average Sales Price in Eastside (Single-Family Homes)
We were curious to see what November would look like for single-family homes after the jump we saw in October. While November fell down again, it’s still the highest November we’ve had in recent years.
Average Sales Price in Eastside (Condo & Multi-Family Homes)
After a small peak back in September, prices for condos and multi-family homes have been very gently falling. The difference between November and October was less than $3,000, showing that the past two months have been fairly steady.
November 2022 Eastside Real Estate Market Update
Here is our historical analysis of the changes that occurred in October 2022, as originally published in November.
Eastside Homes Listed Monthly
The number of Eastside homes listed this year began lower in January. It hit its peak in June, but we can see that it has declined from July to August. While there was a bump up in September, the number of new listings dropped significantly in October, but this is normal for this time of the year.
Eastside Active Listings
Monthly active inventory in 2022 started out historically low, but it began to rise until July, after which it saw a slight dip before coming back up in September. October has seen a decrease that is on par with previous years.
Eastside Homes Pending Monthly
2022 started out with a three-month rise, but the year has been fairly tumultuous for pending listings. As we’ve passed the most popular season for buying homes, the number of pending listings in October has gone down quite a bit compared to September.
Eastside Homes Sold Monthly
Like pending homes, completed sales throughout 2022 have had quite a few ups and downs. Sales numbers peaked in May and have seen an overall decrease throughout the rest of the year. However, October still has nearly the same number of sales that July saw. The pattern of this year’s graph can be attributed to rising mortgage rates impacting buyers.
Eastside Average Selling Price Per Month - Single-Family Homes
Since hitting a peak in April, there has been a steady decline in single-family home prices. However, October broke that pattern by being the first month since May to have an increase—and it was a significant one at more than $200,000.
Eastside Average Selling Price Per Month - Condos & Multi
Like single-family homes, condos and multi-family housing also hit a peak in April and have spent most of 2022 coming down from it. However, whereas single-family homes saw a significant increase in October, condos and multi-family homes saw a slight decrease after an increase in September.
October 2022 Eastside Real Estate Market Update
Here is our historical analysis of the changes that occurred in September 2022, as originally published in October.
Eastside Homes Listed Monthly
As illustrated, the number of homes listed in Eastside this year began lower in January. It peaked in June, but we can see that it went down from July to August before jumping back up in September. Homes that were listed didn’t remain on the market for long, with anxious buyers jumping on listings as soon as they hit the market. As mortgage rates impact buyer affordability, we may see listings linger a little longer on the market as the year progresses.
Eastside Active Listings
The year started with historically low inventory but climbed throughout the year until experiencing a slight dip in August. September is back up, but it’s suspected that inventory will begin to dip again, as we’ve seen in past years.
Eastside Homes Pending Monthly
So far in 2022, we can see a constant increase in pending homes for the first three months. Eastside pending homes significantly decreased in June, but the total pending homes have gradually increased again since then.
Eastside Homes Sold Monthly
At the beginning of the year, Eastside sales increased steadily from January to March, but numbers decreased a bit in April before returning again in May. However, monthly sales started to trend downward again in June before increasing again in July and August. September has the highest sales since June, but we suspect fewer sales as the year goes on as increasing mortgage rates will continue to impact buyer affordability.
Eastside Average Selling Price Per Month - Single-Family Homes
Eastside reached the highest sales price in April 2022. However, sales prices have fallen every month since May.
Eastside Average Selling Price Per Month - Condos & Multi-Family Homes
Eastside multi-family home prices fell in February but increased from March until May. However, prices started falling again in June. Since July, the market has been fairly stable, hovering in the mid-$700s.
September 2022 Eastside Real Estate Market Update
If you're considering buying a home in the near future, it's important to stay up to date on the latest real estate market trends. In this blog post, we'll provide an overview of the Eastside real estate market, including recent trends and predictions for the future. Whether you're interested in purchasing a single-family home or a property for investment purposes, read on for key insights into the Eastside market!
Eastside Homes Listed Monthly
As illustrated, the number of homes listed in Eastside this year began lower at January.
It reached its highest as of now on June, but we can see that it went downJuly to August. Homes that do get listed haven’t remained on the market for long with anxious buyers jumping on listings as soon as they hit the market. As buyer affordability is impacted by mortgage rates, we may see listings linger a little longer on the market as the year progresses.
Eastside Active Listings
The graph illustrates monthly active inventory in 2022. It has shown historically low inventory but has started going up until August 2022 and is expected to continue in this direction as the year progresses.
Eastside Homes Pending Monthly
So far in 2022, we can see that there's a constant increase in homes in pending for the first three months. Eastside had significant decrease on June, but gradually increased until August.
Eastside Homes Sold Monthly
The graph illustrates the number of homes sold per month. At the beginning of the year, sales numbers in Eastside were trending similarly from January up to March, and went down a bit on Aprill. I started going up again on May, however, they have started to trend downwards on June and are expected to continue in that direction as increased mortgage rates will continue to impact buyer affordabilty.
Eastside Average Selling Price Per Month - Single Family Homes
The graph shows that Eastside reached the highest sales price on April 2022. However, sales price started going down on May until the recent month which is July.
This chart depicts prices from January 2022 to August 2022
Eastside Average Selling Price Per Month - Condos & Multi
Looking at the graphs, we can see that Eastside started going down on the second month, but went upon March until May. However, it started going down again on June up to the recent month which is July.
This chart depicts prices from January 2022 to August 2022
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
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