Market Trends From Around The Sound: Q2-2020
Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and to ensure our clients better understand the real estate market. The second quarter of 2020 was framed by a very different real estate landscape as Washington’s stay-at-home order was in effect for the majority of this period. The data across these five market areas reflects fewer homes on the market year-over-year likely because of this, and while median prices and buyer demand varied more, it was a seller’s market.
Seattle | Single-Family Homes
It was a seller’s market in Seattle, with less competition in the number of listings, and more buyers than this time a year ago. The number of homes for sale went down by over 40 percent compared to the second quarter of 2019.
Eastside | Single-Family Homes
As the Eastside settled in for Governor Jay Inslee’s stay-at-home order, inventory began to drop and the median sales price for single-family homes went up.
Mercer Island | Single-Family Homes
Despite less available inventory, the price per square foot was nearly 10 percent less than this time last year, and the median sales price was down both year-over-year and down from the first quarter of 2020.
Bainbridge Island | Single-Family Homes
The median sales price for homes on the island was down, however, from $982,000 last year to $918,000. And while only half as many homes were on the market compared to this time last year, the average time on market was up by a week compared to 2019.
Seattle | Condominiums
The median home sales price dropped in the second quarter, from $470,000 this time last year to $439,000. Until now, the median home price for a Seattle condo had been steadily climbing since mid-2019.