Seattle Market Trends: Q1-2019

Statistics from the first quarter of 2019 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

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Though the median sales price in Seattle declined by just over 7% from the first quarter of 2018 to the first quarter of 2019 (at $819,000 and $760,000, respectively), the average price per square foot held relatively steady on an annual basis at $456, up by roughly half a percentage point from Q1-2018, when the average price per square foot was $454. The number of homes sold likewise remained largely unchanged from the first quarter of 2018, falling 3.76% to 1,050.

Seattle | Condominiums

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Sustained higher levels of inventory in the Seattle condominium market continued through the first quarter of 2019, which reported 2.8 months of inventory, nearly reaching the benchmark three months of neutral market conditions. The influx of home options for condominium buyers has contributed to less home sales and lengthier market times, which reached just over two months in Q1-2019, a markedly higher figure than the first quarters of the preceding two years, when condominiums sold in an average of 23 days in Q1-2017 and 15 days in Q1-2018.