April 2020 Real Estate Report for Seattle, Bellevue, and Mercer Island
How has Covid-19 affected the Seattle Real Estate Market?
The Greater Seattle real estate market is surprisingly strong considering Washington State’s stay at home order. Social distancing is the norm with virtual open houses, showings by appointment only and in-person showings limited to two people. Sellers are often vacating their home prior to bringing their home on the market rather than staying in their house and exposing themselves to potential COVID-19 germs. While it is too early to tell if a trend, buyers seem to be looking for more space and putting a higher priority on having outdoor space they can call their own.
Is Seattle Real Estate Slowing Down?
Low inventory, King County inventory is down nearly 30% since last year, 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. Bellevue homes jumped both on the west and east of I-405. West Bellevue which includes such communities as Clyde Hill, Hunts Point, Medina,and Yarrow Point saw their prices jump nearly 11% with an average sales price of over $3.4 million. That area’s average days on market was only 20 days (almost half of last year’s average days on market of 38). Not all areas, saw the same results. The Mercer Island real estate 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.
Is the Seattle Real Estate Crash? In short, no.
When reviewing the Greater Seattle condo market the numbers show similar patterns. Sales are down, but prices are up, and days on market are half of what they were a year ago. For example, Downtown Seattle / 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 averages days on market at 26 compared to 45 days the year prior.
Should you buy or sell a home during the corona virus pandemic?
Feel free to reach out to our Agents with your home buying and selling questions. When you’re ready to list your home or begin your property search for a new home feel free to contact us at any point of the process. It is never too late to get a second opinion or too early to ask for guidance. We have plenty of qualified and experienced real estate agents with creative solutions that can help with any of your real estate needs.