Key takeaway for the month: Homes are selling quickly, especially on the Eastside. Median days on market are down everywhere except condos in Redmond.
So what?: With inventory low and homes selling quickly, competition is high … really high. A group of sales we looked into averaged 8.3 offers each, and 92% of homes in that group received multiple offers. More below.
The good news: Flyhomes is designed for competition! Our clients win 77% more.*
Expect to compete
Our Research Team looked into sales in the hottest zip codes on the Eastside to find out how competitive the situation was in January.
The answer: Super competitive.
Our research revealed that sellers received multiple offers on 92% of homes, with 8.3 as the average number of offers.
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? It’s hot, too. Looking at Flyhomes clients in January, 53% of the homes our clients offered on in Seattle neighborhoods received multiple offers, with the average at 10.2 offers.
- Listings are lacking: Active listings for all home types are down month-over-month in Seattle and Bellevue (except condos in Bellevue, which are flat).
- Pockets of inventory: Available single-family homes are slightly up month-over-month in Kirkland (11.25%) and Redmond (9.52%). This trend supports Redfin’s prediction that bidding wars will increase in 2020.
- Mortgage rates are low: Rates have hit a 3-year low, which will likely drive even more competition due to increased purchasing power but also presents an opportunity for homeowners to refinance at a lower rate.
- January closed with single-family homes at a median sale price of $755,000, condos at $450,000, and townhomes at $685,000.
- Median days on market were down by 32%+ across the board.
- 71.1% of condos sold under list price, up 8.52% month-over-month but down 6.93% year-over-year.
- Meanwhile, 50.3% of single-family homes closed below list, which is down 21.24% from a year ago.
- Median sale prices for single-family homes came in at $1,225,000, a 7.13% decrease from December (but up 22.75% year-over-year). Condo sale prices were up 20.22%, at $580,000, while townhomes were up slightly to $715,000 (6.56% MoM).
- Median days on market were down by 74%+ across the board.
- For condos, median list price per square foot was $574, up 26.18% from a month ago.
- Median sales for single-family homes were at $835,000, down 16.29% month-over-month, while condos increased 13.49% to $357,500.
- Meanwhile, townhomes held steady and ended at $668,750 (down just 0.93%).
- Median days on market were down by 63%+ across the board.
- For condo buyers: Median list prices are up 56.03% from a year ago.
- Single-family homes had a median sale price of $959,000, down 12.82% month-over-month, while condos rang in at $405,000 (up 8.07% MoM).
- Condos are the only type of home with median days on market up (13.85% MoM).
- There is still a glut of townhome inventory, with only three active listings.
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*Average for homes on which our clients made a Cash Offer on a home with multiple offers during the period of 1/1/19 through 12/31/19.