Q3-2020 Market Trends (Seattle, Eastside, Bainbridge Island)
The real estate market has largely been a beacon of positivity in an extraordinary year. Every quarter, Realogics Sotheby's International Realty (RSIR) looks at these five market areas to determine where our market has been and plan for where it is going next. And while activity seemed to come to a complete halt in the second quarter for a brief moment, the buyers quickly got off the bench to take advantage of low-interest rates, buying in homes with larger spaces or larger yards as preferences were working from home or home school. And even as temperatures started to drop this September, with home prices appreciating, low inventory, and buyers willing to find the right opportunity, the market stayed hot in Q3.
Seattle - Single-Family Homes
Whether it was low-interest rates or looking to scale up a living arrangement to make room for an office or home education, an increase in demand led more buyers to enter the market. Compared to last year, the number of homes sold is up by more than 30 percent, leaving little on the market, with just 1.1 months of inventory available.
Eastside - Single-Family Homes
Demand is growing, and so are both the median home prices for single-family homes and the average price per square foot. On average, more buyers are paying more than the original asking price on average than they did in 2019, although the average selling price is up by more than 10%.
Mercer Island - Single-Family Homes
On Mercer Island, the third quarter of 2019 was a neutral sector, but things have changed in 2020. There is just 1.1 months of inventory remaining. The median sales price is up 4 percent year-over-year, while the average sales price per square foot is 11 percent. Sellers are also experiencing appreciating sales prices.
Bainbridge Island - Single-Family Homes
When homes appreciate at record rates, it's a good time to list: the average price per square foot is up 22 percent, while the median selling price is up 34 percent year-over-year. Combined with low inventory, it's been a perfect time for sellers to enter the market.
Seattle - Condominiums
Although the number of condos for sale in the city represents the demand of the seller, the inventory of each of the market areas observed by Realogics Sotheby’s International Realty in its quarterly reports is the most available. And while the median sales price is up by 10%, the price per square foot is up by just 2%.