Seattle Real Estate Report, March 2021 Review

Greater Seattle Real Estate Market

Is the Seattle housing market slowing down or is it picking up?

Nothing seems to slow down the Greater Seattle residential real estate market with bidding wars and escalating prices continuing to be commonplace.  Across the NWMLS, the number of mutually accepted offers in March have increased 22.3% over last March.  Buyers’ high demand has decreased inventory 55.9% with only 4,153 active listings at the end of March compared to 9,418 last year.  Thus median prices are up 19.5% across the NWMLS.  Every county has reported increased prices with seven counties exceeding 25% increase in year-over-year sale’s price.  In King County, median prices for single family homes is over $1 million in the Queen Anne/Magnolia area as well as every Eastside NWMLS area.  

Magnolia Real Estate
Magnolia home with amazing views

Seattle Luxury Real Estate

The number of luxury real estate sales across the NWMLS have over doubled!  In the first quarter of 2021, there are over 400 sales of $2 million or more compared to just 178 in the first quarter of 2020.   In March, there were 50 Seattle luxury home sales over $2 million while last year there were only 22 luxury properties sold.  The most expensive sale this past month was a home in Queen Anne listed for $4.7 million, but got bid up to $5 million.  Furthermore, four of the top seven sales were in Queen Anne and one of the top seven was in Magnolia.  Thus, one of the reasons, the NWMLS area that incorporates Queen Anne/Magnolia had a median sales price of over $1 million.

Seattle Waterfront Homes

Seattle waterfront homes are rare.  This past month, there were seven sales which were a good representative of the different types of waterfront homes available in Seattle.  The most expensive home was one that sold on E Shelby which faces the Mountlake Cut.  That home sold for $2.857 million which was bid up from its $2.45 million list price.  Two West Seattle homes on Beach Drive that sits on the Puget Sound with a pebble beach sold for $2.828 million and $2.050 million.  A waterfront home on Haller Lake sold for $2.8 million.  Two Seattle houseboats sold on Westlake Avenue on Lake Union.  Finally a home north of Wedgwood sold that sits on Thorton Creek.  This North Seattle house also sold for over list price with a sales price of $1.020 million.

Seattle Waterfront
7,320 sq ft Seward Park home sitting on over 1/2 acre on Lake Washington is available for purchase.

Seattle Real Estate: Seattle Condos

Should you buy a condo in Seattle this month?

The NWMLS condo market is not as robust as the single family home market, but still has experience a price increase of 5.2% over last year.  In addition, the number of closed sales increased 16% from last March.  There was 1,179 closings last month compared to just over a thousand last year. Furthermore, the number of pending sales are up dramatically with a 43% increase.  There are 1,574 pending sales at the end of March compared to only 1,101 at the end of March 2020.

In Seattle, this March saw 279 condo close for an average of nearly $578,000 or $604/sq ft.  The most expensive was a Capitol Hill condo at Newton Place that sold for $2.650 million.  Last March, 235 Seattle condos sold for an average of $554,065, but for an average of $624/sq ft.  The most expensive was a Downtown Seattle condo that closed for $1.784 million.

Seattle Condo
Queen Anne condo with incredible views available for purchase.

Seattle Luxury Condos

In March 2021, 23 luxury Seattle condos sold for over $1 million.   Nine sold in Belltown/Downtown Seattle, 6 in Capitol Hill area, 5 on Queen Anne, 2 in West Seattle, and one in Ballard.  In 2020, there was 18 Seattle luxury condos that sold for over $1 million.  Of those, most were in the Downtown Seattle area, with two on Queen Anne, one in Ballard,  one on Eastlake, and two in Alki in West Seattle.

Is Seattle Real Estate Slowing Down?

The simple answer is: no.  Looking at March numbers, it shows the Seattle real estate market continues to be very strong.  But Seattle real estate market can change.  To get up-to-date information, contact one of Ewing and Clark’s Seattle real estate agent.  Ewing and Clark and its real estate brokers have been providing exceptional real estate service to Greater Seattle since 1900.  Whether you are looking for a Seattle waterfront home, a luxury Seattle condo, or your first Seattle property, we can assist you in your search.