Q2 Market Report | Eastside
/
Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and to ensure our clients better understand the real estate market. The second quarter of 2020 was framed by a very different real estate landscape as Washington’s stay-at-home order was in effect for the majority of this period. The data across these market areas reflects fewer homes on the market year-over-year likely because of this, and while median prices and buyer demand varied more, it was a seller’s market.
As the Eastside settled in for Governor Jay Inslee’s stay-at-home order, inventory began to drop and the median sales price for single-family homes went up. As evident from past years’ data, the second quarter trends towards a busier market time, but it appears that many who would have otherwise listed, decided to stay on the bench in Q2 of 2020. Likewise, buyer demand and the sales price for many Eastside homes went up—the average price per square foot rose to over $400. While the median sales price for homes went up by more than 3 percent from a year ago, it’s down slightly from the first quarter.
