The following chart shows the median price of all homes sold on the Eastside in the month of January for the past 10 years.  Contained in the bars is the percentage increase or decrease from the same month one year previous.It is no surprise that the median price for January 2016 has now eclipsed the previous high that was established in January 2007.

Eastside Closed Sales Median Prices for the Month of January for the Past 10 Years

And how does inventory this January 2016 compare to January 2015?

New Listings for the Month of JanuaryNew listings for the month of January 2016 are up slightly over January 2015, but compared to the 10 year average, we are still low and the struggle to find inventory for buyers continues.Months of Inventory for the Month of JanuaryThe lack of new listings continues to manifest itself in very low inventory levels.  A balanced market will have 3 to 6 months of inventory available for buyers to work their way through. The chart above shows that the Eastside market is down to slightly more than a month of inventory.From the desk of Bill Badgley