Across the Northwest Multiple Listing Service inventory is down over 23% and prices are up 15% from last year. Prices in Seattle, while not as impressive, are still up 5.3%. Other areas of King County have seen large gains. For example, Vashon prices are up 33% and the Eastside is up 17.3%. The Eastside and even Seattle are luxury real estate markets. In October, Seattle homes had an average sales price of $1.05 million and sell for an average of 15 days. On the Eastside, the Bellevue area between Lake Washington and Lake Sammamish had an average sales price of nearly $2.46 million while Mercer Island homes sold for an average of $2.42 million.
Condos have recovered nicely. Condo sales slowed during the early part of the pandemic, but condo inventory is down 55% from a year ago. In addition, median condo prices are up 11.3%.
November and December are traditionally a seasonally slow time of year to sell homes, but with less homes on the market, it is often a good time to sell your home: less transactions but less competition as well. House hunting, moving to the Greater Seattle area, or wanting to sell your home? Contact a local real estate agent.
Click the link for more information on the real estate market. or search for a home here.
Comments(1)