February 2021 Market Update: Seattle + Eastside

man overlooking space needle

Key takeaways for the month

The local market is extremely competitive with median sale prices coming in higher—and homes selling further over list price—than at the same time last year. 

  • Buyers are paying more for homes. Median sale price for single family homes is up 8% year-over-year in Seattle and 22% on the Eastside. While you can find areas in Seattle that are relatively less competitive, the Eastside is highly competitive across the board. In both places, we see the same trend of rising prices that we saw pre-pandemic in 2020, but with a higher starting point carrying over from activity at the end of 2020. 
  • Sellers are listing under market value. The year-over-year change in median list price for single family homes comes in at a 6% increase in Seattle and a decrease of 1% on the Eastside. You might expect list prices to jump as sale prices increase. However, in this region, sellers often price homes below market value to encourage competition (which drives up the price). Expect to see this strategy employed more often as the spring season approaches. 
  • Expect to add at least 3% to the list price of a single family home. Sale-to-list price ratio for single family homes in Seattle increased 2% year over year to 102.6%. On the Eastside, the jump was even bigger, going from 102% to 108%. 
  • Single family homes are selling very quickly. Median days on market dropped to 6 days for single family homes and 9 days for condos in Seattle. On the Eastside, they stayed at 5 days for single family homes and dropped to 10 days for condos. About 4 days on market is as low as this number can go, so single family homes in the region are selling about as fast as it’s possible to sell.  
  • More homes are selling than are being listed. The number of single family homes pending increased 28% year over year in Seattle and 12% on the Eastside. At the same time, the number of homes newly listed in the month was up 7% in Seattle year over year and down 5% on the Eastside. The number of pending homes outpacing the number listed reflects high demand in the area; homes are being sold in the same month they’re listed.

Competition snapshot

Our Research Team looked into sales in a select area for a snapshot of competitiveness in the local market.

Chart showing real estate data

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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