Q1 Market Update

Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and to ensure our clients better understand the real estate market. In the late first quarter of 2020, the Puget Sound area, its economy, and the real estate market began experiencing the impacts of the stay-at-home order due to COVID-19. The majority of data gathered occurred before that happened, and although we’re understanding the preliminary effects of COVID-19 on real estate, we can see in these reports that it was trending positive for sellers in all four of these market areas.

Below I’ve highlighted information from Seattle and the Eastside, but if you’d like to view the full report please visit here.

Seattle   |   Single-Family Homes

Seattle experienced economic uncertainty in late March as the effects of the COVID-19 pandemic began to take hold, but the numbers reflected in the real estate market’s first quarter was overwhelmingly positive before the coronavirus was a known threat. In early 2020, homes moved quickly in Seattle—over 1,200 homes were sold, up 14 percent from this time last year. Home sellers were entering a prosperous market, as the median sales price was up 3.4 percent year-over-year, a relief for sellers sitting on the bench after the median home price slid in 2019.

Eastside | Single-Family Homes

While COVID-19 certainly has impacted the economy and real estate, the data for the first quarter of the year reflects a positive market on the Eastside. The year started on a high note for home sellers: The median price for homes on the market was up from a year ago, as was the price per square foot. This is likely a result of low inventory—nearly half as many homes were on the market as this time a year ago. Still, the time spent by homes on the market was less, but not significantly, at 42 days, compared to 57 in 2019.