March 2021 Market Update: Seattle + Eastside

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Key takeaways for the month

The Seattle-area market continues to be the most active it’s been in years with homes selling above list price, and inventory remains scarce despite more listings entering the market. Homes are selling very quickly with high buyer demand. 

  • Listings in Seattle are up. Seattle saw 50% more single family home listings month-over-month and 29% year-over-year, illustrating that sellers are confident in the market and not holding out for the typical peak season. It remains to be seen if additional sellers are also listing who wouldn’t be selling at all save for the opportunity to review multiple offers.
  • More homes are selling, and quickly. The number of single family homes pending in Seattle rose 39% month-over-month and 66% year-over-year and median days on market held at 6 days. The new listings are being sold quickly, not rolling over to create a greater selection month-over-month for buyers. 
  • Eastside single family homes see a similar trend. Eastside single family homes see parallel numbers to Seattle’s, with a steady median of 5 days on market, 68% more single family homes pending month-over-month, and 60% more pending year-over-year. 
  • Condos may be a less stressful target for homebuyers. For both Seattle and the Eastside, the condo market is seeing less hotness and is maintaining a sub-100% sale-to-list price ratio. 

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

Seattle includes data for the city of Seattle.

Eastside includes data for Redmond, Bellevue, and Kirkland.

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