Seattle Market Trends: Q4-2018
Statistics from the fourth 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
Though inventory dipped from the high of 2.1 months reported in the third quarter of 2018, it shifted dramatically on an annual basis, from the anemic figure of 0.4 months in the fourth quarter of 2017 to 1.5 months in Q4-2018. A drop in the number of homes available for sale did not signal great changes in median sales price or average price per square foot, both of which held relatively steady from Q4-2017 to Q4-2018. The median sales price increased from $775,000 to $781,000, while the average price per square foot grew from $435 to $441.
The average cumulative days on market was just over one month, a sharp increase compared to the previous quarter’s summer months (when seasonal sales increase). It also grew dramatically—by 73.7 percent—when contrasted against the final quarter of 2017, when homes sold in an average of 19 days.
Seattle | Condominiums
After a record-high inventory of 2.7 months for Seattle condos in the third quarter of 2018, inventory sank slightly to 2.2 months in the final quarter of 2018, a figure that dramatically rose compared to the fourth quarter of 2017, when there was just 0.2 months of inventory. It comes as no surprise that a sustained influx of inventory is contributing to longer market times, which more than doubled from Q4-2017 (at 16 days) to Q4-2018 (at 36).
As was the case in the Seattle single-family market, the rise in inventory did not negatively impact the median sales price or average price per square foot for Seattle condos. The median sales price grew by 8.4 percent from the fourth quarter of 2017 to the fourth quarter of 2018, at $441,000 and $478,000, respectively. The average price per square foot grew at a slightly lesser pace of 5.8 percent, from $549 in Q4-2017 to $581 in Q4-2018.