Market Trends From Around The Sound: Q4-2020
When the clock struck midnight on December 31, few were disappointed to see 2020 end. But despite the difficulties endured over the last year, the real estate market remained resilient. It powered forward boasting median home prices that had continued to rise since the initial lockdown last March, more closed home sales than this time last year, and low inventory in nearly all the market areas Realogics Sotheby’s International Realty dives into for its quarterly reporting.
Our take: NOW is the time to sell! Buyers are looking at every option available due to low inventory, and this is the time to gain maximum return on your investment. If you’re considering a new home this year, this is the best possible time to get your home prepped for listing. We’re here to help guide you through the process, as well as put together a strategic plan to secure your next residence.
Our homes are everything to us—now more than ever. Our office and school, our restaurant and gym—if you’re thinking about entering the market, take a look at our findings and reach out to us for guidance on what your next steps should look like.
Seattle | Single-Family Homes
The number of homes sold compared to this time last year increased by 28 percent, and buyers likely felt a sense of urgency with the average number of days on market at only 22. The median home price continued its steady climb it had been on since Q2-2020 and it was still a seller’s market with just 1.1 months of inventory.
Eastside | Single-Family Homes
Only 0.4 months of inventory was available, the smallest amount in the areas analyzed by RSIR for its quarterly reporting. The number of closed home sales was up 31.5 percent, and along with it so was the average price per square foot—up 17 percent. The median sales price jumped too—up 16.8 percent compared to Q4-2019.
Mercer Island | Single-Family Homes
It was an excellent time to be a seller on Mercer Island: Not only is the market favoring sellers with .6 months of inventory, but the median sales price of island homes has been increasing since the second quarter of the year. At $1,843,000 the median sales price grew by 20 percent from this time last year.
Seattle | Condominiums
Despite its ups and downs throughout the year, the median sales price is back exactly where it started in Q1-2020—$450,000, however, the price per square foot increased by nearly 6 percent. And while it might feel like condos languished on the market, particularly in comparison to Seattle’s single-family home counterparts, the average days on market is actually down from 55 days a year ago, to 40 days.