Q3 Market Update
Curious how the local real estate market fared the past few months? Look no further than the Q3 Market Update. Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and ensure our clients better understand the real estate market.
In an unusual year, the real estate market has largely been a beacon of positivity. And while activity seemed to come to a complete halt for a brief moment in the second quarter, the buyers quickly got off the bench—to take advantage of low-interest rates, to invest in homes with bigger spaces or larger yards as working from home or home school became priorities. And even as the temperatures began to drop this September, the market remained hot in Q3 with appreciating home prices, low inventory, and buyers eager to find the right opportunity.
Seattle Single-Family
Whether it was low-interest rates or looking to scale up a living situation to make room for an office or home school, more buyers entered the market causing a surge in demand. The number of homes sold is up by over 30% compared to last year, leaving few on the market—only 1.1 months of available inventory.
Eastside Single-Family
Demand is up, and so are both median single-family home prices and the average price per square foot. and on average, more buyers on average are offering more than the original listing price than they did in 2019, while the median sold price is up by over 10%.
Mercer Island Single-Family
The third quarter of 2019 was a neutral market on Mercer Island, but things have changed in 2020. Only 1.1 months of inventory are available. Sellers are also witnessing appreciating sale prices—year-over-year the median sales price is up 4 percent, while the average price per square foot is 11%.
Seattle Condominiums
While the number of condos in the city for sale reflects a seller’s market, it is the most available inventory of any of the market areas observed by RSIR in its quarterly reporting. And while the median sales price is up 10%, the price per square foot is only up 2%.
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