After the initial quarantine of the pandemic, many analysts commented on the outlier trend of residential housing sales. An examination of the data from the Eastside to Bainbridge Island and other areas by Realogics Sotheby's International Realty one year later shows that the lack of inventory and the flood of purchasers was not an isolated incident.

The real estate market had a great start this year. Low inventory, rising median home sales prices, and short time on the market continued these patterns in the second quarter of 2021, putting sellers in the driver's seat. Each quarter, Realogics Sotheby's International Realty analyses five significant areas to see where the market has been and where the trends are leading us.

In February 2021, after five months of close calls, San Diego's residential prices finally surpassed those of Seattle on the Case-Shiller Home Price Index. Despite this, prices in the Central Puget Sound region rose by more than 15%, and all but two cities on the index (Chicago and Las Vegas) experienced double-digit year-over-year increases

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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.

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The strongest headwinds caused by COVID-19 in 2020 were in urban centers across the country. According to S&P/Case-Shiller reports, Downtown Seattle was not sheltered, despite the Seattle metro area commanding the highest aggregate median home price increases in the U.S. for most of the year.

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.

A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.

There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.

Like many Americans, Seattleites are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home. According to Zillow…

Whether you're thinking of buying or selling a home this year, there are perks today that are rarely available, and definitely worth looking into. Here are the top two.

Danny Varona and Realogics Sotheby’s International Realty proudly presents its annual summary of the Real Estate Market in Western Washington. Each year, this in-depth analysis provides data and information by market areas and reflects on how the news events of the past year could economically impact the home buying and selling process.