January 2021 Market Update: Seattle + Eastside

boat under bridge with view of mountains

Key takeaways for the month

The local market is off to an active start in 2021. Because of the extended peak season last year, the market in December was warmer than usual and that trend continued into January. 

  • Buyers in Seattle should expect competition. The median sale price of single-family homes and townhomes saw a small lift (just under 1%) from December and strong 7.75% growth year over year. Likewise, median days on market dropped 56% month over month, from 16 days in December to 7 in January. 
  • List prices on the Eastside dropped because of seller confidence. Median list price fell both month over month and year over year for single family homes, townhomes, and condos on the Eastside … but it’s not because the market is soft. It’s likely due to sellers using the strategy of underpricing in order to increase competition because they’re confident that the market will bring multiple buyers.
  • Sale-to-list price is steady in the region. Both Seattle and the Eastside saw minimal month-over-month change in sale-to-list price ratio for all property types. This flatness reflects December’s relative strength rather than a lack of competition in January. The year-over-year change was larger (2.20% for single-family homes in Seattle and 4.37% for single-family homes on the Eastside) because of lingering competitiveness from the end of 2020.

Competition snapshot

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

Sale Price

List Price

Sale Price Compared to List Price

Days on Market

Number of Properties Listed

Number of Properties Pending Sale

Number of Properties Sold

Seattle includes data for the city of Seattle.

Eastside includes data for Redmond, Bellevue, and Kirkland.

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