An exploration of the latest market trends in Seattle and beyond.
In the City
Looking at trends from the second quarter of 2018, Seattle continues its red-hot housing market streak, as the median sales price of a single-family home hit $857,000, up 13.1% compared to Q2-2017, which averaged $758,000. Buyers did find some relief in the form of increased inventory, which was up from 0.8 months in Q2-2017 to 1.1 months in Q2-2018. The number of homes sold in 2018-Q2 dipped slightly from the previous year, while the average days on market decreased to just over two weeks at 16 days.
Average Sales Price: Q2-2017 vs. Q2-2018
A slowing Seattle market has dominated headlines since Q2-2018 ended, and preliminary data for July 2018 is indicative of this trend. Inventory continued to grow, reaching 3.1 months, up an eye-popping 243.2% compared to this same time last year at less than 1 month. Along with an increase in the number of homes for sale, the average sold price decreased 22.5% from the second quarter of July 2017 to the second quarter of July 2018 (at $717,000 and $556,000, respectively).
Brokers report that after a slight summer slump in sales activity, conditions seem to be picking up, and it will be interesting to see where things fall when data is released for the third quarter of the year.
On the Eastside
Home prices on the Eastside continued their upward climb in the second quarter of 2018 while the number of homes sold remained steady compared to this same time last year. The average sales price increased 12% year-over-year, while days on market decreased to just over two weeks. As in other areas covered, the Eastside likewise experienced a slight inventory increase, up 1.2 months in Q2-2018 compared to 0.8 in Q2-2017. As was the case in the first quarter of 2018, average list prices continue to grow, this time by 3.2%.
At the Water's Edge
Key Report Trends:
- There were 115 sales in the North Sound region from January 1st to May 31st 2018, which far out-paced any other area surveyed in the report.
- The lowest cumulative days on market reported was in Seattle Central—comprising Leschi, Madison Park, Mount Baker and Seward Park—at 43.5 days.
- The highest recorded sale in King County (and Washington state) was a waterfront estate in Medina at $26,750,000, which was represented by Realogics Sotheby's International Realty.
- Bellevue had the highest average waterfront sales price for the recorded period at $5,400,000, while Snohomish County reflected the lowest at an average price of just under $450,000.
Waterfront Single-Family Homes
Average Selling Prices, 2014 to 2017, January 1 to June 30 2018