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All the latest news articles and market trends of the Seattle Real Estate Market. If it is happening in Seattle it is happening on the Stroupe Group.

Despite the pandemic, 2020 was a good year for WA real estate

Northwest Multiple Listing Service has released a comprehensive report summarizing the real estate activity in Washington state in 2020. Member-brokers have reported 95,760 closed transaction during last year, which added up to the value of over $56 billion. Both the number of transactions as well as the dollar volume were higher than those in 2019. 

2020 was a great year for real estate in King County!

The average median home price was up year-over-year as well, coming in at $475,000 – this includes both single family homes and condominiums. The sales were up 3.5% (or about 3,200 transactions) last year as compared to the year before. Around 87% of all sales were of single-family homes and the remaining were condominiums – around 12,350.

Prices for single family homes only increased about 12.6% system-wide, from $435,000 in 2019 to $490,000 in 2020. King county had the highest median price for single family homes, coming in at $724,950 – up 7.4% year over year. The largest price gain was experienced in Kittitas county – a staggering 21%. Condominium prices rose as well, although not as dramatically – about 7%, to $380,000 area-wide. King county, where a vast majority of condo sales occur saw an increase of about 6.2% year-over-year, topping out at $430,000.

Luxury market also experienced a surge last year. Over 2,000 (or nearly 32%) more high-end homes (those that closed for $1 million or more) sold in 2020 than in 2019 – 8,313 units. In addition, a staggering 82 of the homes sold at $5 million on more. Luxury condos (ones that sold at $500,000 or more) also saw a surge last year, with a year over year increase of 20.4%, totaling 3,552 sales. In addition, 576 of those sales include condos that commanded $1 million or more. 

The Northwest Multiple Listing Service report covers the work of more than 32,000 brokers in 23 counties, which make up about 82% of the state’s population. You can access the King County specific report, courtesy of the NWMLS, here

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