The first full calendar month during the coronavirus shutdown, April 2020, has come and gone and the Seattle real estate market and the surrounding area is surprisingly strong considering Washington State’s stay at home order. Seattle real estate agents like myself are using social distancing with virtual open houses, showings by appointment only and in-person showings limited to two people. House sellers are often vacating their home prior to it going on the market rather than staying and exposing themselves to potential COVID-19 germs left behind buyers.
King County inventory is down nearly 30% since last year which is driving home prices up 4% year over year. Multiple offers are frequent with affordable and mid-priced homes virtually sold out with all price ranges selling well. Taking a look at different Seattle neighborhoods the stats are fairly consistent. In central Seattle, which includes homes in the Capitol Hill, Montlake, Madison Park, Broadmoor, Washington Park, Denny Blaine, Madrona, and Leschi neighborhoods, single family homes sales were down from last April (60 vs 72 transactions) but the average home price was up nearly 3% with an average price of over $1.177 million. In addition, the average time on market was a mere 19 days compared to 28 days the year before. The West Bellevue communities which include such areas as Clyde Hill, Hunts Point, and Medina saw their prices jump nearly 11% with an average sales price of over $3.4 million. The combined area’s average days on market was cut nearly in half (20 vs 38 days) from last April. Not all communities saw the same results. The Mercer Island home market bucked the trend, there were more sales (19 vs 14 transactions) but the average price was down to $1.688 million as compared to $1.788 the previous April.
When reviewing the Greater Seattle condo market the numbers follow the Seattle housing market. Fewer sales, but prices are up and days on market are half of what they were a year ago. For example, in the Seattle downtown area, including Belltown, condo sales are down (32 vs 41 condo transactions), but average prices are up greater than 13% (average sales price $781,783 this April) with the days on market at 26 compared to 45 days the year prior.
If you are interested in either selling your home or finding a new place to live during this time, feel free to reach out to me: Kristine Losh. I am here to help you while keeping you as safe as I can while serving your real estate needs.
Stay safe and healthy out there.