Seattle Market Trends: Q1-2018
Despite a historically slower season for home sales, Seattle home prices remained red hot in the first quarter of 2018, as the median sales price of a single-family home reached $917,000, up over $30K compared to the final quarter of 2017 and 14.2% compared to Q1-2017. The number of homes sold in 2018-Q1 decreased nearly 13% due to anemic inventory, which has pushed buyers to purchase more quickly; homes spent an average of under 3 weeks on the market. As the average price for Seattle single-family homes rose, so did the average price per square foot, which increased to $453.20, up 11.6% compared to Q1-2017.
Condominiums in Seattle continue to attract buyers, as the average days on market in Q1-2018 was 15 days, down 1 day from the close of 2017 and a staggering 34.8% compared to the first quarter of 2017. Inventory was just 0.8 months, a number which held relatively steady compared to the first quarter of last year. Reflecting a shortage of available homes, the city’s same-quarter condo sales decreased by 12.7% with 338 condominiums selling at an average of $534,000. The average price per square foot for Seattle condominiums increased by 17.1%, from $501.14 in 2017 to $586.91 in the first quarter of 2018.