Seattle Market Trends: Q3-2018
Statistics from the third quarter of 2018 are here and Realogics Sotheby’s International Realty has analyzed data from Seattle, the Eastside and Bainbridge Island. Below I’ve outlined key trends from Seattle, with a look at single-family homes and condominiums.
Seattle | Single-Family Homes
Inventory remains at the heart of real estate conversations in Seattle, as the frenzied market of the past few years has shifted into a more balanced one that reflects seasonal trends. In the third quarter of 2018 there was 2.7 months of inventory, up just under 75% compared to the second quarter of this year (at 1.2 months) and a remarkable 156.4% on a yearly basis. This represents the most inventory that buyers have found in Seattle since the third quarter of 2012. Since then, it has remained well below that, dipping down to a meager 0.4 months in the fourth quarter of 2017.
Though there is a healthy supply of homes for sale, values continue to appreciate, up 5.2% compared to the third quarter of last year, when the median sales price was $770,000, though down 6.8% from the second quarter of 2018. As was the case on the Eastside and Bainbridge Island, the average days on market has steadied, with homes selling in an average of 18 days.
Seattle | Condominiums
Just as we saw in Seattle’s single-family market, the number of homes for sale is dominating condominium discussions, with 2.7 months of inventory in the third quarter of 2018, the highest number reported since the third quarter of 2012 when we nearly reached a balanced market with 2.9 months available. Since then, inventory has continued to wane, consistently hovering below 1 month in every quarter since the start of 2015. Given the low number of options in recent history, it is no surprise that condominiums have consistently sold at or above list price since 2014, when buyers had more power to negotiate terms.
While some may expect that inventory growth would contribute to an increase in days on market, Seattle condominiums are selling in an average of 18 days, a figure that has remained in the teens since the first quarter of last year, when market times increased to an average of 23 days.