Real estate data for your area
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 for homes in Seattle continues to be high and it’s even higher on the Eastside. Across the region, the market is seeing a return to pre-pandemic seasonal activity, and is more crowded than before the pandemic.
- Single family homes continue to sell quickly. Homes are spending very few days on the market.The month-over-month median numbers saw little change across property types, given that the numbers are already very low, at 6 days for single family homes in Seattle and 5 on the Eastside.
- Buyers are paying well over list price. Sale-to-list price ratio is at a multi-year high for single family homes in Seattle (106.5%) and on the Eastside (111.2%). Condos are less competitive, but still selling at a 99% ratio in Seattle (up 1.0% month over month) and 101.1% on the Eastside (up 1.6%).
- Sale and list prices are up for single family homes. In Seattle, sale prices are up 5.3% month-over-month and 6.6% year-over-year. List prices are up 6.3% for the month and 9.7% for the year. The Eastside saw a dip in April 2020, driving a larger year-over-year gap at 34.7% for sale price and 22.4% for list price.
- Supply is limited on the Eastside. The number of single family homes listed on the Eastside in April was 507, an increase of 64.6% from last year, but that gap is largely due to the pandemic. In April 2019, 504 were listed. With the number of new listings roughly equal to pre-pandemic, we’re seeing lower days on market (5 compared to 7 in 2019), indicating that the same volume of homes is selling more quickly.
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.
The local market is extremely competitive with median sale prices coming in higher—and homes selling further over list price—than at the same time last year.
- Buyers are paying more for homes. Median sale price for single family homes is up 8% year-over-year in Seattle and 22% on the Eastside. While you can find areas in Seattle that are relatively less competitive, the Eastside is highly competitive across the board. In both places, we see the same trend of rising prices that we saw pre-pandemic in 2020, but with a higher starting point carrying over from activity at the end of 2020.
- Sellers are listing under market value. The year-over-year change in median list price for single family homes comes in at a 6% increase in Seattle and a decrease of 1% on the Eastside. You might expect list prices to jump as sale prices increase. However, in this region, sellers often price homes below market value to encourage competition (which drives up the price). Expect to see this strategy employed more often as the spring season approaches.
- Expect to add at least 3% to the list price of a single family home. Sale-to-list price ratio for single family homes in Seattle increased 2% year over year to 102.6%. On the Eastside, the jump was even bigger, going from 102% to 108%.
- Single family homes are selling very quickly. Median days on market dropped to 6 days for single family homes and 9 days for condos in Seattle. On the Eastside, they stayed at 5 days for single family homes and dropped to 10 days for condos. About 4 days on market is as low as this number can go, so single family homes in the region are selling about as fast as it’s possible to sell.
- More homes are selling than are being listed. The number of single family homes pending increased 28% year over year in Seattle and 12% on the Eastside. At the same time, the number of homes newly listed in the month was up 7% in Seattle year over year and down 5% on the Eastside. The number of pending homes outpacing the number listed reflects high demand in the area; homes are being sold in the same month they’re listed.
The local market is off to an active start in 2021. Because of the extended peak season last year, the market in December was warmer than usual and that trend continued into January.
- Buyers in Seattle should expect competition. The median sale price of single-family homes and townhomes saw a small lift (just under 1%) from December and strong 7.75% growth year over year. Likewise, median days on market dropped 56% month over month, from 16 days in December to 7 in January.
- List prices on the Eastside dropped because of seller confidence. Median list price fell both month over month and year over year for single family homes, townhomes, and condos on the Eastside … but it’s not because the market is soft. It’s likely due to sellers using the strategy of underpricing in order to increase competition because they’re confident that the market will bring multiple buyers.
- Sale-to-list price is steady in the region. Both Seattle and the Eastside saw minimal month-over-month change in sale-to-list price ratio for all property types. This flatness reflects December’s relative strength rather than a lack of competition in January. The year-over-year change was larger (2.20% for single-family homes in Seattle and 4.37% for single-family homes on the Eastside) because of lingering competitiveness from the end of 2020.