Market Trends From Around The Sound: Q4-2021
Typically, the real estate market slows down over the holiday season. Buyers take a break from their home search, whether from fatigue or just the hustle and bustle of the holidays. And sellers tend to focus on gathering with loved ones instead of preparing to list. But, 2021 has proved to be anything but typical: What little inventory there was in the fourth quarter of the year was scooped up by eager buyers, closing out a huge year for real estate. Check out the findings for the five areas Realogics Sotheby’s International Realty examines for its quarterly report to get a feel for where the market has been. And when you are ready, get in touch with an RSIR local expert and global real estate advisor who can help you navigate where the market is heading next.
EASTSIDE | SINGLE-FAMILY HOMES
With so few homes for sale, we’ve certainly seen the demand and the price for homes go up on the Eastside. The median sales price for a single-family home went up by over 33 percent compared to this time last year.
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MERCER ISLAND | SINGLE-FAMILY HOMES
The median home sales price on Mercer Island saw a year-over-year 14.7 percent price increase in the fourth quarter, though the price per square foot remained relatively steady. With only .2 months of inventory available, the average days on market decreased to a scant 12.
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SEATTLE | SINGLE-FAMILY HOMES
There is only half a month of inventory in Seattle, creating a seller’s market with 70 percent fewer homes for sale than this time last year. It’s bolstered a lot of competition among buyers, and offered plenty of incentives for sellers to list.
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SEATTLE | CONDOMINIUMS
The median sales price went back up this quarter after falling a few percentage points year-over-year in Q3. With just 1.3 months of inventory available, condo sellers in Q4 went pending sooner as the average days on market ticked down.
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BAINBRIDGE ISLAND | SINGLE-FAMILY HOMES
The median sales price growth for a single-family home on Bainbridge Island climbed nearly 18 percent. But the average price per square foot saw an even bigger increase at 28 percent, a jump that will likely favor sellers yet to enter the market.