While the temperature outside may have taken a nosedive, the real estate market remained hot, hot, hot throughout the fourth quarter of 2021. Inventory across the state remained low, which in turn propelled sellers to list their homes without pausing over the holiday season. This, coupled with interest rates hovering around historic lows propelled eager buyers to rapidly scoop up properties, oftentimes paying more than asking price, thus closing out a huge year for real estate.
Realogics Sotheby’s International Realty compiles quarterly data to examine what factors shaped the region’s five key markets and where they’re headed into 2022. Whether you are just studying the market or prepared to make a move, our RSIR global real estate team provides best-in-class insights, guidance, and marketing to help you get the most out of the experience.
Seattle | Single-Family Homes
There is only half a month of inventory in Seattle, creating a seller’s market with 70 percent fewer homes for sale than this time last year. It’s bolstered a lot of competition among buyers, and offered plenty of incentives for sellers to list.
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Eastside | Single-Family Homes
With so few homes for sale, we’ve certainly seen the demand and the price for homes go up on the Eastside. The median sales price for a single-family home went up by over 33 percent compared to this time last year.
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Mercer Island | Single-Family Homes
The median home sales price on Mercer Island saw a year-over-year 14.7 percent price increase in the fourth quarter, though the price per square foot remained relatively steady. With only .2 months of inventory available, the average days on market decreased to a scant 12.
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Bainbridge Island | Single-Family Homes
The median sales price growth for a single-family home on Bainbridge Island climbed nearly 18 percent. But the average price per square foot saw an even bigger increase at 28 percent, a jump that will likely favor sellers yet to enter the market.
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Seattle | Condominiums
The median sales price went back up this quarter after falling a few percentage points year-over-year in Q3. With just 1.3 months of inventory available, condo sellers in Q4 went pending sooner as the average days on market ticked down.
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