A new report from Redfin identified that more than 4,000 Seattle houses have bought for more than $100,000 previously mentioned asking price in 2021, marking a substantial enhance above that identical period of time past calendar year.

How pandemic is leaving long lasting footprint on Puget Sound housing sector

In full, 4,078 households in Seattle marketed for in between $100,000 and $300,000 over asking this yr. In that exact period in 2020, that quantity was at 362. The ordinary household in the Seattle place has offered for just about $48,000 around asking selling price in 2021, up from $3,025 last yr.

“I’ve by no means witnessed nearly anything like this housing market place,” Redfin agent Scott Petrich claimed in a information release.

Petrich credits a surge in tech staff at Microsoft, Amazon, and many others who have sought out much larger operate-from-residence areas around the very last yr, a the vast majority of whom “have the funds to contend with other customers and generate up costs.”

Very similar traits have taken keep on the Eastside as well. So much in 2021, 88 households in Bellevue have sold for more than $300,000 in excess of inquiring, skyrocketing from just two last year over that identical period. It’s been the same tale in Redmond, Sammamish, Kirkland, and Issaquah, where in between 35 and 70 such gross sales have occurred so far in 2021, when compared to amongst zero and two in the 1st fifty percent of 2020.

Puget Sound home purchasers ‘finally obtained some good news’ amid growing selling prices

This comes in the wake of a history-breaking month for the Puget Seem region’s housing sector, exactly where the median sale price tag of household homes in King County grew approximately 30% year-more than-year. That’s been pushed by record lows in provide, with housing inventory in Western Washington dropping by around 4,800 listings year-around-calendar year in May well, marking a decline of 46%.

Combined across King, Snohomish, Pierce, and Kitsap counties, household houses marketed for an average of 108.6% over the inquiring value in May perhaps of 2021. In King County by yourself, that selection sat at 109.5%.