Seattle Housing Market Update
Read The Latest Trends in the Northwest Multiple Listing Service Press Release and S&P CoreLogic Case-Shiller Report
The Northwest Multiple Listing Service released statistics from May 2018 and revealed that for the first time since 2008, over 14,000 new listings came onto the market, revealing a rare inventory increase in an area increasingly marked by a lack of inventory amidst rising demand. As the report reads, “total active listings snapped a streak of 44 months of negative numbers during May when the year-over-year comparison showed an increase of 3.8 percent.”
According to NWMLS, bidding wars continue to elevate prices, as fifteen of the surveyed counties boasted double-digit increases in sales prices compared to this time last year. “In the four-county Puget Sound region, Snohomish County has the smallest year-over-year price gain at just under 14 percent, while Kitsap County claimed the largest jump at nearly 17.2 percent.”
Looking at King County, median sales prices increased by 16 percent to $650,000. Breaking out single-family homes and condominiums separately, median home prices increased by 14.44 percent ($726,275) and 17.5 percent ($370,000), respectively.
It remains to be seen whether inventory increases in April and May will disrupt housing market trends in Seattle, but the latest S&P CoreLogic Case-Shiller report, which pulled numbers from March 2018, revealed little change, with Seattle leading the nation in home price growth for a staggering nineteen months in a row.
Seattle widened its lead among major U.S. cities with 13.0 percent year over year gains and boasted the largest monthly increase in nearly five years, up 2.84 percent from February 2018 data. The Emerald City continues to outpace other major Pacific Coast cities, with San Francisco the closest competitor. The Bay Area increased 11.34 percent on an annual basis, while Los Angeles, San Diego and Portland measured single-digit growth rates.
For Seattle’s comparative performance on the Case-Shiller Index, see the second chart below; and for more details, download the S&P Dow Jones Case-Shiller summary report. And for details on the implications for homes in your neighborhood, contact me for an analysis.