May 2021 Market Update: Seattle + Eastside

red tomato lot on blue baskets

Key takeaways for the month

Competition for homes continues to be hot in Seattle and on the Eastside, with demand outpacing supply. Buyers should expect single family homes to sell well over list price, as sale prices rose slightly month over month to 107% of list prices in Seattle and 111% on the Eastside. 

  • Median sale prices are up. Last year in May, the market was affected by the onset of the pandemic, which gives us huge year over year increases in median sale price for single family homes (21% in Seattle and 35% on the Eastside). Month over month, sale prices continue to trend upward. 
  • Homes continue to sell very quickly. Median days on market saw no change, remaining at only six days for single family homes in Seattle and five on the Eastside.  
  • The gap between demand and supply grew. In Seattle, the number of single family homes listed remained nearly steady (decreasing -0.37%) month over month while 11% more homes weent pending. On the Eastside, single family home listings decreased by 5%, while 9% more went pending. 
  • The Eastside condo market is picking up. Sellers listed 57% more condos in May 2021 compared to 2020, and a whopping 95% more went pending, showing buyer confidence in condos. This may indicate that we’re past the point of avoiding closer living spaces due to the pandemic. 

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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