April 2021 Market Update: Seattle + Eastside

people at the park

Key takeaways for the month

Competition for homes in Seattle continues to be high and it’s even higher on the Eastside. Across the region, the market is seeing a return to pre-pandemic seasonal activity, and is more crowded than before the pandemic. 

  • Single family homes continue to sell quickly. Homes are spending very few days on the market. The month-over-month median numbers saw little change across property types, given that the numbers are already very low, at 6 days for single family homes in Seattle and 5 on the Eastside. 
  • Buyers are paying well over list price. Sale-to-list price ratio is at  a multi-year high for single family homes in Seattle (106.5%) and on the Eastside (111.2%). Condos are less competitive, but still selling at a 99% ratio in Seattle (up 1.0% month over month) and 101.1% on the Eastside (up 1.6%). 
  • Sale and list prices are up for single family homes. In Seattle, sale prices are up 5.3% month-over-month and 6.6% year-over-year. List prices are up 6.3% for the month and 9.7% for the year. The Eastside saw a dip in April 2020, driving a larger year-over-year gap at 34.7% for sale price and 22.4% for list price. 
  • Supply is limited on the Eastside. The number of single family homes listed on the Eastside in April was 507, an increase of 64.6% from last year, but that gap is largely due to the pandemic. In April 2019, 504 were listed. With the number of new listings roughly equal to pre-pandemic, we’re seeing lower days on market (5 compared to 7 in 2019), indicating that the same volume of homes is selling more quickly.

Sale Price

List Price

Sale Price Compared to List Price

Days on Market

Number of Properties Listed

Number of Properties Pending Sale

Seattle includes data for the city of Seattle.

Eastside includes data for Redmond, Bellevue, and Kirkland.

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