Local Market Update – March 2020
COVID-19 has not yet stopped the housing market’s momentum. Buyer interest remains strong and those who waited last year for a drop in prices have now seen several months of home prices increases. While some sellers and buyers are going to put their real estate sales and searches on hold, others may find opportunity. Despite the headwinds of uncertainty, the market is still very much in motion, as demand outstrips supply and interest rates remain remarkably low.
Buyers that may have been in wait-and-see mode at the end of 2019 jumped off the fence in February. Pending sales (offers accepted but not yet closed) jumped 27%, snapping up already-tight inventory. 55% of homes on the market sold in 15 days or less. The median home price jumped 9% over a year ago to $985,000, an increase of $58,000 from the prior month. Development on the Eastside continues to surge and includes the recent groundbreaking for a 600-foot tower in Bellevue and a proposed 11 acre mixed-use project.
The data and analysis below looks back at February’s market performance.