This will come as no surprise to those of you who have been following our local market: as the spring temperatures have been rising, so has the temperature of the housing market here in Seattle. Things are HOT right now and our market is still strongly favoring sellers. Inventory is extremely limited throughout the Seattle area, leading to increased competition from qualified buyers, who are still eager to take advantage of relatively low mortgage rates.
Realogics Sotheby’s International Realty (RSIR) recently released detailed market updates for the first quarter of 2021, shedding light on real estate’s recent trends and allowing us to dig deep to understand why we’re seeing the activity we’re seeing right now.
1808 Minor Aave Unit #2505
Though competition is fierce across the board—from Seattle’s downtown neighborhoods to enclaves across the water like Mercer Island, the Eastside communities of Bellevue and Kirkland, and beyond—Seattle’s condominium market saw the slowest median home price growth of all the other markets for which RSIR published data. Though it is still a seller’s market, condominium homes in the city’s downtown neighborhoods spent more days on market on average than single-family homes in Seattle and its nearby environs, meaning that now is still a great time to buy if you’re hoping to purchase an in-city condo.
Read the full Realogics Sotheby’s International realty Q1 Market Report, including data highlights from five different market areas, here.
Recent Successful Sales
5708 32nd Ave NW, Seattle
During this hectic season for our industry, I have been fortunate enough to help several homeowners successfully sell their homes, including my clients who recently sold this beautiful residence in Ballard, which closed at $226,000 over the original list price! I was thrilled to be able to advise these clients and assist them in reaching their real estate goals, and I’d love to do the same for you. Please reach out if you are considering entering the market at this especially competitive time, and we can make a plan to ensure you attain your goals, too!