February 2020 Real Estate Reports for Seattle Neighborhoods
The shortest month of the year was not short on home sales in Seattle! February 2020 saw a significant increase in residential sales for both single family homes and condominiums over what we saw in February 2019.
In the greater Seattle area, February 2019 saw just 6 residential listings sell, with a median sale price of $795,000 and the low-end and high-end prices being $725,000 and $4,400,000 respectively. Compare that data to what we saw just this past month with 12 residential listings being sold, doubling that of 2019. Interestingly, 2020 showed a higher median sale price for these homes, coming in at $853,400 but significantly lower highest and lowest sale prices at $1,450,000 and $479,950 respectively.
In the world of Condos, we saw similar trends to that of single family residential. February 2019 saw only 3 condominium sales, with the low-end price being $330,000, the median price at $399,900 and the high-end price at $1,424,900. Condo sales in February of this year, much like single family residential, increased over that of last year but not quite as dramatically, going from 3 in 2019 to 5 in 2020. Pricing data for these sales is also keeping in the same theme as single family residential, with a higher median sale price than that of 2019, but a lower highest sale price and lowest sale price. Those prices come in at $460,000, $310,000, $252,000 respectively.
The recently reported nation-wide trend of home inventory dwindling does seem to be continuing, and home prices overall are still on the rise as well. This is a good time to watch the market closely and see how these trends continue develop, particularly if you yourself are looking to buy or sell. If these trends stay on track, the Seattle market is going to be red-hot, come summer.
Presently, there are 634 active listings and 621 pending listings in the greater Seattle area.
When you’re ready to list your home for sale or begin searching for your next dream home, professional expertise is key. Ewing and Clark’s knowledgeable and experienced brokers and leasing agents are just the partners you need to navigate Seattle’s busy real estate market. Contact us to get started!