Median Price History on the Eastside for June 2016

In the past months, I have provided a look at how certain neighborhoods have been performing based on a look at the median price. The intent of the past articles has been to show the median price rise in those specific neighborhoods driven by the intense demand for available housing.For this month, I felt that it would serve best to provide you with a “wide angle lens” look at the median prices across all of the Eastside communities – Mercer Island excepted. The 10 Year Median Price History charts for each Eastside community are shown below ...The data for the month of June was just compiled yesterday, so this is “hot off the press.”Note the continuing rise in the median prices across all of the communities with the exception of the Redmond/Carnation area. Do not be too quick to read into this that the Redmond/Carnation has begun a correction. The median price must be used only as a guide and is best understood when looking at a number of months together before projecting a trend based on the data presented.I will note however that the word in our back offices is that the multiple offers are starting to taper off. We have seen many listings that have advertised that “all offers will be reviewed on (date)” and learn later that no offers were received.Is this a summer season phenomenon? Or is it the beginning of a slight softening in the buyer pressure? It is still too early to confidently step in and declare the reason for this slight softening, but inventory is still not keeping pace with the demand, so for the moment at least, we believe that this is a summer related issue.Bill Badgley, WindermereBellevue, SouthBellevue, WestBellevue, EastPlateau – Issaquah, Sammamish, North BendRedmond/CarnationKirkland/Bridle Trails