Market Trends from Around the Sound: Fourth Quarter 2018

The year has come to an end and Realogics Sotheby’s International Realty took a look at the latest housing market statistics. In the final quarter of 2018 the region saw changing inventory with median sales prices that stayed relatively moderate compared to the previous quarter. Explore the trends in Seattle, the Eastside and Bainbridge Island below.

Seattle | Single-Family Homes

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Real estate in the city continues to be a popular topic of conversation, especially thanks to local tech companies announcing continued regional growth. Single-family homebuyers saw immense relief with 1.5 months of inventory compared to the anemic figure of 0.4 months seen in the fourth quarter of 2017. This figure dropped slightly from the 2.1 months seen in the third quarter of 2018.

Prices for single-family homes stayed relatively stable with an average price per square foot of $441, up just $6 from the final quarter of 2017. This slight increase drew an average sales price of $781,000 for the quarter. Cumulative days on market hit 33, a number that increased at a more significant pace, which was largely thanks to the seasonal slowdown that is typical for winter months. This number grew 73.7% compared to the average of 19 days seen in the final quarter of the previous year.

Seattle | Condominiums

Seattle condominiums continue to be a desirable option for many buyers, drawing interest from a pool of millennials working in the city along with empty nesters looking to downsize. 2017 came to a close with just 0.2 months of inventory, even lower than the figure seen in single-family homes, so buyers saw some relief with inventory hovering just about 2 months. New development projects throughout the city promise to deliver more homes within the next few years, so potential buyers can expect to see more inventory in the coming years. Though the number fell slightly from the third quarter, the sustained increase in inventory was cause for longer market times with an average of 36 cumulative days on market for in-city condominiums.

Much like the prices for single-family homes, median sales prices for condominiums saw a very light increase, up to $478,000 from $441,000 in Q4-2017 and the price per square foot averaged at $581.