Q1 2020 Market Update
Each quarter, RSIR 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.
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% year-over-year, a relief for sellers sitting on the bench after the median home price slid in 2019.
SEATTLE | CONDOS
Seattle condo seller's enjoyed good market times in the first quarter of the year.. With lower inventory, the market has seen a steady increase in its median sales price since the second quarter of 2019. Likewise, the average price per square foot saw a slight increase, from $535 to $570 per foot. Like single-family residences in the city, the data from the first quarter does not appear to reflect a strong reaction to the COVID-19 response yet, with condo sales up year-over-year by 28%.
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.