March Market Update: Seattle + Eastside

Key takeaway for the month: As in almost every area of our lives, the coronavirus is impacting real estate. Specifically, it’s adding uncertainty, which leads to many buyers and sellers choosing to wait. That said, buyers who are active are still buying quickly. 

So what: Fewer homes are being listed and competition has slowed. If you’re serious about buying a home, you’ll see fewer homes, but you’re also more likely to win your offer with fewer active buyers right now.

Note that Governor Inslee added real estate to essential services and we’re open for business. See this post for updates.

Quick highlights

  • Active listings are down across the board by at least 37% and up to 70%. 
  • Median days on market in March are either unchanged from February or lower (meaning homes are selling faster), except for Bellevue and Redmond townhomes, which stayed on the market a little longer in March than in February. 
  • In the last week of March, we saw median list prices rising, likely because sellers have largely stopped using the strategy of under-pricing to encourage bidding wars.

Competition snapshot

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

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.

Seattle

  • Active listings decreased across the board, by as much as 54% (single family homes).
  • Accordingly, inventory level also decreased dramatically. 
  • Fewer homes sold under list price by 22% (condos), 43% (townhomes), and 46% (single family homes). This is largely due to high demand and competition in February, when the homes were listed, as well as falling interest rates allowing some buyers to spend more.
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Bellevue

  • Active listings decreased across the board, by as much as 59% (townhomes).
  • Likewise, months of inventory decreased dramatically. 
  • Median list price per square foot dropped by as much as 39% (townhomes).
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Kirkland

  • Active listings decreased by as much as 55% (townhomes). 
  • In line with fewer active listings, inventory level also dropped dramatically. 
  • Median days on market dropped across the board; the homes that sold in March sold quickly.
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Redmond

  • Active listings decreased by as much as 71% (townhomes). 
  • Likewise, inventory level fell dramatically. 
  • The homes that sold in March sold quickly, with the highest median days on market at only 4.5.
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