Q4 Market Update: Seattle
Data from the fourth quarter of 2018 is in and Realogics Sotheby's International Realty has crunched the numbers, with a look at the latest market trends from around the Puget Sound.
Seattle Single-Family Homes
Though inventory dipped from the high of 2.1 months reported in the third quarter of 2018, it shifted dramatically on an annual basis, from the anemic figure of 0.4 months in the fourth quarter of 2017 to 1.5 months in Q4-2018. This marks Seattle entering a Seller’s Market.
The value of homes continues to appreciate, but at a slower rate (up 0.8% compared to the fourth quarter of 2017) and has reached a median sales prices of $781,000. As was the case in other areas around the Puget Sound, the average days on the market increased dramatically from 2017. The number is currently at 33 days on the market, compared to 19 days on the market in Q4-2017.
Many of the trends playing out in the single-family market in Seattle hold true when it comes to condominiums, with inventory remaining at the forefront of real estate discussions. After a record-high inventory of 2.7 months for Seattle condos in the third quarter of 2018, inventory sank slightly to 2.2 months in the final quarter of 2018. This was, however, a dramatic increase in inventory from Q4-2017, when there was just 0.2 months of inventory.
As with Seattle single family homes, the median sales price of Seattle condominiums has increased, but at a higher rate. The median sales price of Seattle condominium rose 8.4% since the fourth quarter of 2017, and is recorded at $478,000. Condominiums spent an average of 125% more days on the market this year than they did last year in quarter four.