Market Trends: Fourth Quarter of 2018
Statistics from the fourth quarter of 2018 are in and Realogics Sotheby’s International Realty has analyzed the data with a look at the latest market trends in and around Seattle. The previous quarter’s report showed increased options for buyers and a leveling off of home price appreciation, but this quarter is quite different. In all areas, the market showed an increase in average price per square foot as well as an increase in average days on the market. Below I’ve included links to each report with a summary of key points for single-family homes in Seattle and the Eastside.
SEATTLE | SINGLE-FAMILY HOMES
Inventory is still the focus of real estate conversations in Seattle, but the conversation has changed slightly as inventory decreases in Seattle single-family homes. There were 1.5 months of inventory, down nearly 44% compared to last quarter. Unlike last quarter, the market is no longer balanced, as we enter a seller’s market.
The median sales price in Q4-2018 was up to $781,000 – only a 0.8% increase from the year previous. The average days on market shifted increased, with homes selling in an average of 33 days.
EASTSIDE | SINGLE-FAMILY HOMES
Home price growth continues to rise on the Eastside, with the second highest median sales price of the areas surveyed. Price per square foot increased 6.6% from Q4-2017, and number of houses sold decreased 19.2% from the previous year. In line with median home price trends, the average price per square foot continued to climb slowly, moving from $349 per square foot in Q4-2017 to $372 per square foot in Q4-2018.