Seattle Market Trends: Q2-2018
Data from the second quarter of 2018 is in, and Seattle continues its red-hot housing market streak, as the median sales price of a single-family home hit $857,000, up 13.1% compared to Q2-2017, which averaged $758,000. Buyers did find some relief in the form of increased inventory, which was up from 0.8 months in Q2-2017 to 1.1 months in Q2-2018.
The number of homes sold in 2018-Q2 dipped slightly from the previous year, while the average days on market decreased to just over two weeks at 16 days. As the average price for single-family homes rose, so did the average price per square foot, which increased to $373.85, up 12.5% compared to Q2-2017.
Condominiums in Seattle continue to draw buyers, as the average days on market in Q2-2018 was 14 days, down 3 days compared to the second quarter of 2017. As in other areas in the region, inventory ticked up slightly at 0.9 months in Q2-2018 compared to 0.6 months in Q2-2017. Though there were more units on the market, the number of sales decreased slightly, from 2,308 (Q2-2017) to 2,192 (Q2-2018). Though the number of homes sold remained steady and inventory grew, the average sales price reached $514,000, a 16.6% year-over-year increase.