Market Trends: Second Quarter of 2019
Statistics from the second quarter of 2019 are in and Realogics Sotheby’s International Realty has analyzed the data with a look at the housing market trends for the second quarter of 2019, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
SEATTLE | SINGLE-FAMILY HOMES
After a markedly higher market time of 47 average cumulative days on market in the rst quarter of 2019, homes sold with more speed in the second quarter of the year, spending an average of 25 days on the market. 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.
EASTSIDE | SINGLE-FAMILY HOMES
After serving as our only covered market with a slight gain in median sales price in the first quarter of 2019, the Eastside saw a slight year-over-year decline in prices the second quarter of 2019, from $930,000 in Q2-2018 to $899,000 in Q2-2019—a 3.3% drop. This came amidst inventory levels that were slightly lower from the first quarter of 2019 (falling from 2.4 to 1.8 months), but were markedly higher than the second quarter of 2018.
SEATTLE | CONDOMINIUMS
The higher levels of inventory in the Seattle condominium market that we reported in the first quarter of 2019 continued into the second quarter, with 2.5 months of inventory, a marginal drop from the 2.8 months of Q1-2019. It is expected, then, that more options meant homebuyers continued to take their time in purchase decisions, as condominiums spent an average of 36 days on the market.