The year started hot for the real estate market. And the second quarter of 2021 continued these trends as low inventory, rising median home sales prices, and fleeting time on the market put sellers in the driver’s seat. Realogics Sotheby’s International Realty examines five key markets each quarter to find out where the market has been, and where the trends might lead us next. A lack of inventory has been apparent since the height of the pandemic, and while more sellers are entering the market, the need of buyers didn’t diminish in Q2-2021 as mortgage rates hovered near historic lows and competitive offers escalated sales prices. Whether a seller preparing to list your home and receive the best possible offer or a buyer seeking your next opportunity, with the right advisement, preparation, and marketing, it’s still a great time to enter the market.
Seattle | Single-Family Homes
The median sales price of a single-family home has been steadily, then steeply rising since the fourth quarter of 2019. Only 0.6 months of inventory was available—16 percent fewer homes on the market than this time last year, with an increase of over 60 percent more close sales.
Seattle | Condominiums
Twice as many condos sold in the second quarter of 2021, compared to the same time last year. The average price per square foot ticked up by nearly 4.5 percent, while the median sales price increased by six percent. More homes are available for sale now than in this time in 2020, but it’s still a seller’s market.
Eastside | Single-Family Homes
Over the past three years, the average time a home has spent on the market on the Eastside in the second quarter has dwindled, from 56 days (2019) to 21 days (2020) and seven days (2021). The data suggests that the urgency of buyers in this seller’s market has contributed more than twice as many closed sales in Q2 compared to the same time a year ago.
Bainbridge Island | Single-Family Homes
Bainbridge Island home prices continue to climb with a 37 percent increase to $1.25 million when compared to Q2-2020. The number of closed home sales also increased year-over-year by 29 percent, yet the number of homes for sale has declined by over 60 percent.
Mercer Island | Single-Family Homes
With a median sales price of $2.175 million, up 38 percent, and the average price per square foot up to $766.75, up 35 percent, sellers have a firm grip on the market. On the island, homes are only on the market for an average of 12 days, and the number of homes available for sale is a scant 15—compared to the 63 that were on the market in Q2-2020.
