Market Trends: Third Quarter 2019
The third quarter market update of 2019 is here and Realogics Sotheby’s International Realty has crunched the numbers with a look at home price trends in Seattle, the Eastside and Bainbridge Island. The Seattle market is showing an increase in homes sold compared to this time last year and has moved towards a seller’s market, with just over two months of inventory supply. Below you’ll find a link to each of the reports with some key insights from the Seattle single-family and condominium markets.
View the Seattle | Single-Family Homes Report
View the Seattle | Condominiums Report
View the Eastside | Single-Family Homes Report
View the Bainbridge Island | Single-Family Homes Report
Seattle | Single-Family Homes
The past two quarters of this year, Seattle has seen a slight decline in median home prices. However, third quarter started to sway on a more positive trend. Median home prices in Seattle moved closer to a positive, and only declined by 1.23%. Buyers were actively involved this past quarter and home sales reflect that. Compared to this time last year, home sales increased by 8% (from 1,531 to 1,653).
On another note, the city has seen an increase in the average days on market from Q3-2018 to Q3-2019. Last year, third quarter numbers reflected 18 days on the market before a home closed, whereas this year, third quarter number report 33 days. This allows buyers more consideration time, while also enjoying the favorable market conditions.
Seattle | Condominiums
The higher levels of inventory in the Seattle condominium market reported in the second quarter of 2019 continued into the third quarter, with 3.6 months of inventory, a marginal increase from the 2.7 months in Q3-2018. It is expected, then, that more options mean homebuyers continue to take their time in purchase decisions, as condominiums spent an average of six weeks on the market.
Similar to Seattle’s single-family market, the condo data also shows a decline in average price per square foot. Last year, the average price per square foot was approximately $585 for Q3-2018, compared to this year at about $565.