November Market Update: Seattle + Eastside

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Key takeaways for the month

The extended pandemic peak season seems to have ended, as the market stays active but sees less competition. 

  • Single family homes are selling quickly, as is reflected in decreased days on market year over year. Median sale price fell slightly month over month, as did sale-to-list price ratio. These changes indicate that the speed of sale is due to a decrease in the number of listings causing buyers to be proactive, not due to an increase in the number of buyers causing competition. 
  • The Eastside market remains active with significant competition. For single family homes, the sale-to-list price ratio is flat, indicating that competition stayed strong. However, the number of listings decreased and days on market stayed flat, indicating seasonal slowing. 
  • Condos on the Eastside saw median sale price rise significantly over the fall and hold steady in November. However, days on market for condos increased and sale-to-list price ratio were flat. These metrics indicate that the rise in price is due not to competition driving condo prices, but to larger, more expensive condos getting traction, likely because buyers want more space while working from home.

Competition

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

Sale Price

Based on date the property sold.

List Price

Based on date the property was listed.

Sale Price Compared to List Price

Based on date the property sold.

Days on Market

Based on the number of days between the list date and the date the property went pending, except when sold date is earlier than pending (then based on date sold).

Number of Properties Listed

Based on date the property was listed.

Number of Properties Pending Sale

Based on the date the property went pending, except when sold date is earlier than pending (then based on date sold).

Number of Properties Sold

Based on date the property sold.


Seattle includes data for the city of Seattle.

Eastside includes data for Redmond, Bellevue, and Kirkland.


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