Market Trends from Around the Sound: Second Quarter 2018
Every quarter, Realogics Sotheby’s International Realty releases a new report with the latest real estate market trends. Explore the latest real estate data in your area:
· 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 Seattle real estate market is continuing on it’s red-hot housing market streak and Seattle single-family homes spent an average of just 16 days on the market.
The median sales price of a single-family home in the city hit $857,000 in Q2, which is up 13.1% from this same time last year when Seattle home prices averaged $758,000. As the price for a single-family home increased, so did the average price per square foot. In Q2-2018, the price per square foot increased 12.5% from 2017, to $375.85.
Slightly less homes were sold in Q2-2018 than in 2017- 7,680 homes were sold in Q2-2018 compared to Q2-2017’s 7,989 homes sold. However, Seattle area buyers are seeing some relief in increased housing inventory. In the real estate industry, the housing inventory is measured in months' supply, or how long it would take to sell the available inventory at the current sales pace. In Q2-2017 the housing inventory was just .8 months. In Q2-2018, that number went up to 1.1 months. There is still a long way to go to a healthy housing market of 4 months, but homebuyers are already feeling less pressure.
Seattle Condos continue to draw buyers as the average days on market (14 days) in Q2-2018 went down 3 days compared to the same time last year. The average price of Seattle condos sold increased 16.6% from Q2-2017, to a new average sales price of $514,000. Accordingly, the average price per square foot of Seattle condominium homes increased 16.5% from Q2-2017, setting the new average price per square foot to $462.95.
Similar to Seattle single-family homes, condo inventory went up slightly, to .9 months in Q2-2018 compared to Q2-2017’s .6 months. Though there were more units on the market, the number of sales decreased ever so slightly, from 2,308 in Q2-2017 to 2,192 in Q2-2018.
Please do not hesitate to contact me if you are curious to know more about any of these local real estate market trends.