Whether you are a numbers person or not, March statistics are hard to ignore. They mirror what I’m experiencing, working with buyers on both sides of the lake. Seattle is becoming an increasingly attractive option for homebuyers and investors focused on affordability as well as access to employment centers and amenities. Here are a few key stats that illustrate why.
- Active Listings – The Eastside had less than half the number of available homes at the end of March vs a year ago, a record low. Seattle had 20% lower for single-family homes, but the number of available condos was actually 50% higher than last March.
- March Price Escalation – Over ¾ of Eastside closed sales went over the list price. For Seattle, only about half sold for more. The amount they escalated was also higher on the Eastside than in Seattle.
- Affordability – so far this year over 70% of closed sales in Seattle were under $1M vs only 30% on the Eastside.
Waiting for a “better time to buy” is proving costly for buyers as the median price of a home increased $35,000 in Seattle and over $300,000 on the Eastside vs a year ago. Well-prepared, engaged buyers prevail as “casual” buyers are being left by the wayside. Unlike single-family homes, condos continue to be well-priced in both areas. First time home buyers, downsizers, and buyers weary of losing out to bidding wars are finding welcome relief in the less competitive condo market.
Despite the lack of inventory, overpricing a home can cost a seller both time and money. If a listing doesn’t sell within two weeks, it typically does not sell for over the list price and often will sit for weeks without an offer. Well-priced homes sell quickly and for more than list price, usually with multiple offers.
Looking ahead, May is shaping up to be an exciting month as I will be listing several homes at a variety of price points. If you are considering jumping into the market, I’d love to help you procure your dream home or maximize the return on your sale!
BY THE NUMBERS
Click the images below to download your neighborhood’s recent real estate figures!
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