Q4 2020 Market Update for the Greater Seattle Area
On December 31, when the clock reached midnight, few were surprised to see 2020 expire. But despite the difficulties of the last year, the real estate market remained resilient. It continued to boast median home prices that had continued to grow since the initial lockdown last March, more closed home sales than this period last year, and low inventory for its quarterly reporting in almost all market areas. Our homes are all for us—now more than ever before. Our office and school, our restaurant and gym—if you're thinking about entering the market, take a look at our findings and contact me for guidance on what your next steps might look like.
Seattle | Single-Family Homes
Compared to the previous year, the number of homes sold increased by 28 percent, and buyers were likely to feel a sense of urgency, with the average number of days on the market at only 22. The median home price has continued its steady rise since Q2-2020, and with just 1.1 months of inventory, it was still a seller's market.
Eastside | Single-Family Homes
Only 0.4 months of inventory was available, the smallest amount for quarterly reporting in the areas analyzed by the Realogics Sotheby’s International Realty. The number of house sales closed increased by 31.5 percent, and so was the average price per square foot—up 17 percent. The median sales price jumped too—up 16.8 percent from Q4-2019.
Mercer Island | Single-Family Homes
It was an excellent time to be a seller on Mercer Island: not only does the market favor sellers with an inventory of.6 months, but the average selling price of island homes has increased since the second quarter of the year. The median sales price increased by 20 percent from this time last year to $1,843,000.
Bainbridge Island | Single-Family Homes
Since Q2-2020, the median selling price on the island has been steadily rising and now stands at $1,115,000, up 17 percent from where it was at the end of 2019. Likewise, the average price per square foot is 24 percent higher than last year.
Seattle | Condominiums
Despite its ups and downs throughout the year, the average sales price is back exactly where it started in Q1-2020—$450,000, but the price per square foot has increased by almost 6 percent. And while it may feel like condos are dying on the market, especially compared to Seattle's single-family home counterparts, the average days on the market are actually down to 40 days from 55 days a year ago.
