Last month I made a prediction based on my real time, “boots-on-the-ground” experience of the bidding wars we were experiencing.  The homes that went pending in January closed in February and the stats are out. 

*The median price jumped from $1,515,500 to $1,697,500 on the Eastside - 12% increase in one month. 
*In six months the median price increased from $1,300,000, which is a 31% increase. 

The fear of rising interest rates and low supply is fueling fear of missing out as buyers are concerned that as prices keep increasing they won’t be able to afford to purchase. 

Increase in land cost, cost of construction, and supply chain issues continue to fuel inventory shortages as builders struggle to build homes to keep up with demand. In-turn further driving prices up. 

We are seeing an increase of listings taken in the last 60 days as sellers try to hit the market in the spring.  There will be more options in March - May, but not enough to meet the demand. 

Sellers - listing preparation takes time so reach out to us as soon as possible to discuss options and timing.