Realogics Sotheby’s International Realty just released the Quarterly Market Report for the fourth quarter of 2018. The report outlines the latest real estate trends and results from the final quarter of the year.
In quarter four of 2018, there were 1.5 months of inventory for Seattle and 1.7 months of inventory for the Eastside. Although inventory is down, the average cumulative days on market was just over one month in Seattle, a sharp increase compared to the previous quarter and hot summer months. On the Eastside average days on market increased to 42, up 62% year-over-year. The average price per square foot increased slightly from $435 to $441 in Seattle and grew from $349 to $372 on the Eastside.
The median price for a single-family home in Seattle in the fourth quarter was $781,000, a slight decrease from Q4 2017. On the Eastside, the median sales price continued to increase and averaged $860,000.
Interest rates continued their steady climb across the nation while the state of the market proved to favor sellers, a change from the more balanced market we saw last quarter.
Read more about the state of the market in the Greater Seattle Area here.