Market Trends From Around The Sound: Q3-2020

In an unusual year, the real estate market has largely been a beacon of positivity. Realogics Sotheby’s International Realty (RSIR) takes a look at these five market areas each quarter to assess where our market has been and prepare for where it’s headed next. And while activity seemed to come to a complete halt for a brief moment in the second quarter, the buyers quickly got off the bench—to take advantage of low-interest rates, to invest in homes with bigger spaces or larger yards as working from home or home school became priorities. And even as the temperatures began to drop this September, the market remained hot in Q3 with appreciating home prices, low inventory, and buyers eager to find the right opportunity.

BAINBRIDGE ISLAND  |  SINGLE-FAMILY HOMES

It’s a good time to list, as homes are appreciating at record speeds: The average price per square foot is up 22 percent, while the median sold price is up 34 percent year-over-year. Combined with low inventory, it’s been a great time for sellers to enter the market.

SEATTLE  |  SINGLE-FAMILY HOMES

Whether it was low-interest rates or looking to scale up a living situation to make room for an office or home school, more buyers entered the market causing a surge in demand. The number of homes sold is up by over 30 percent compared to last year, leaving few on the market—only 1.1 months of available inventory.

EASTSIDE  |  SINGLE-FAMILY HOMES

Demand is up, and so are both median single-family home prices and the average price per square foot. and on average, more buyers on average are offering more than the original listing price than they did in 2019, while the median sold price is up by over 10 percent.

MERCER ISLAND  | SINGLE-FAMILY HOMES

The third quarter of 2019 was a neutral market on Mercer Island, but things have changed in 2020. Only 1.1 months of inventory are available. Sellers are also witnessing appreciating sale prices—year-over-year the median sales price is up 4 percent, while the average price per square foot is 11 percent.

SEATTLE  |  CONDOMINIUMS

While the number of condos in the city for sale reflects a seller’s market, it is the most available inventory of any of the market areas observed by RSIR in its quarterly reporting. And while the median sales price is up 10 percent, the price per square foot is only up 2 percent.