Seattle Second Quarter Market Update
Realogics Sotheby's International Realty has published the second quarter report for market trends around the sound. While the report covers the shores of Bainbridge Island's waterfront homes and in-city living opportunities to the Eastside's most distinguished residences, I've pulled data specific to Seattle single-family homes. If you're interested in reading the full report, please find that here.
The second quarter of 2019 saw a similar decline in Seattle single-family median home prices to what we outlined in our first quarter report, with year-over-year values down 7% in Q1-2019 and 6% in Q2-2019. The median sales price fell from $869,000 in Q2-2018 to $817,000 in Q2-2019. It is thus expected that the average price per square foot also declined, from $493.18 in Q2-2018 to $461.54 in Q2-2019.
After a markedly higher market time of 47 average cumulative days on market in the first quarter of 2019, homes sold with more speed in the second quarter of the year, spending an average of 25 days on the market. Though this represented the lowest market time we’ve seen in Seattle in 2019, the figure was significantly longer than the second quarter of 2018, with homes selling in just two weeks.