Q2 2020 Market Report
Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and ensure our clients better understand the real estate market.
In western Washington, the second quarter of 2020 was framed by a very different real estate landscape as our stay-at-home order was in effect for the majority of this period. The data across these 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.
It was a seller’s market in Seattle, as those who chose to stay on or enter the market during Governor Jay Inslee’s stay-at-home order saw 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% compared to the second quarter of 2019. This may have contributed to the increase in median home prices in the city, up both year over year, and crossing the $800K mark for the first time since Q3 of 2019.
With only 1.3 months of inventory available, the average days on market decreased compared to Q2 2019, down to 18 from 24.
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. As evident from past years’ data, the second quarter trends towards a busier market time, but it appears that many who would have otherwise listed, decided to stay on the bench in Q2 of 2020. Likewise, buyer demand and the sales price for many Eastside homes went up—the average price per square foot rose to over $400. While the median sales price for homes went up by more than 3% from a year ago, it’s down slightly from the first quarter.
Mercer Island Single-Family
There were fewer homes for sale, and as a result, fewer homes sold on Mercer Island in the second quarter of 2020 compared to this time last year. The COVID-19 pandemic likely kept many would-be sellers on the bench, but those who were ready to safely list their home experienced a seller’s market. Despite less available inventory, the price per square foot was nearly 10% 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.
Condos in Seattle were, on average, on the market for fewer days than this time last year. Like much of western Washington, the market here was impacted by the governor’s stay-at-home order and the COVID-19 pandemic. But with 2.7 months of inventory, and 336 homes for sale (down from the 400-plus homes for sale in Q2 of 2019) it remained a seller’s market. 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. Still, the average price per square foot remained relatively unchanged with a -4.8% difference year over year.
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