February Market Update: Seattle + Eastside

Key takeaway for the month:  Fewer homes are selling under list price and homes are largely selling even more quickly than in January. 

So what?: Combined with still-low inventory, faster sales and sale prices frequently going over list mean buyers are more likely to compete for homes.  

Competition is strong

For the second month, our Research Team looked into sales in the hottest zip codes on the Eastside.

Competition was tight in February, with 96% of homes in these zip codes receiving multiple offers at an average of 8.6 offers per home.

The researched homes are a sample of the resale market for single-family houses and townhomes, excluding new construction, listed for $800,000 – $1,200,000 in select zip codes in Bellevue, Kirkland, and Redmond.

Curious about competition in Seattle? Check out February’s full stats below.

Quick highlights

  • Across the board, fewer homes sold under list price month-over-month, by as much as 60% for condos in both Bellevue and Kirkland.
  • Year-over-year, homes also sold under list price less frequently, with the exception of townhomes in Redmond, which sold under list 33% more in February 2020 than in February 2019.
  • Homes generally sold faster month-over-month, with median days on market down everywhere except Kirkland condos (on market 62% longer) and townhomes (on market a whopping 320% longer at 21 days); and Redmond single-family homes (on market 25% longer) and townhomes (on market 33% longer).

Seattle

  • February closed with single-family homes at a median sale price of $759,000 (up 0.5% month-over-month), condos at $465,000 (up 1.9%), and townhomes at $685,000 (down less than 0.6%).
  • Median list prices were up for every type of home, as much as 9.6% for condos.
  • Homes sold faster: Median days on market were down more than 50% across the board month-over-month. They were also down year-over-year: 28% for single-family homes, 59% for condos, and 74% for townhomes.
  • Fewer homes sold under list price across the board, both month-over-month and year-over-year.

Bellevue

  • February closed with single-family homes at a median sale price of $1,285,000 (up 6% month-over-month), condos at $500,000 (down 13.8%), and townhomes at $615,500 (down 16.4%).
  • Median list prices month-over-month were down for single-family homes (9.7%) and condos (14.3%), and substantially up for townhomes (77.6%) due to the release of now sold-out Bellevue 8.
  • Homes sold faster month-over-month, except for condos (which were flat).
  • Fewer homes sold under list across the board, by 10% month over month and 55.2% year-over-year for townhomes; 68.6% month-over-month and 66.8% year-over-year for condos; and 48.7% month-over-month and 48.8% year-over-year for single-family homes.

Kirkland

  • February closed with single-family homes at a median sale price of $1,224,714 (up 46.7% month-over-month), condos at $449,950 (up 25.9%), and townhomes at $550,00 (down 17.8%).
  • Median list prices rose slightly for single-family homes (1.9% month-over-month), and dropped 14.3% for both condos and townhomes.
  • Median days on market were down 28.6% for single-family homes, but up 62.5% for condos and a whopping 320% for townhomes.
  • Fewer homes sold under list price across the board month-over-month, by as much as 61% for condos. These numbers were also down year-over-year, by 42.4% for single-family homes, 61.1% for condos, and 37.1% for townhomes.

Redmond

  • February closed with single-family homes at a median sale price of $1,060,000 (up 10.4% month-over-month), condos at $413,500 (up 2.1%), and townhomes at $535,000 (up 16.4%).
  • Median list prices were also up across the board month-over-month: 3.3% for single-family homes, 8.9% for condos, and 11.1% for townhomes.
  • Single-family homes spent more median days on market (25%), as did townhomes (33.3%), but condos spent 94.6% fewer median days on market.
  • Fewer homes sold under list price across the board by 40-55%. This is also true year-over-year for single-family homes (down 60.5%) and condos (down 21.4%), but not for townhomes, where median days on market were up 33.3% over last February.

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