Q3 Market Update: Seattle
Data from the third quarter of 2018 is in and Realogics Sotheby's International Realty has crunched the numbers, with a look at the latest market trends from around the Puget Sound.
Seattle Single-Family Homes
Inventory is still at the center of real estate conversations in Seattle—the frenzied market of more recent years has settled into a more balanced one, reflective of typical seasonal trends. In the third quarter of 2018, there were 2.7 months of inventory, up 75% compared to the second quarter of 2018 (which averaged 1.2 months) and up over 150% year-over-year. This marks the highest level of inventory that buyers have enjoyed in Seattle since the third quarter of 2012.
Though supply is flush, the value of homes is still appreciating, up 5.2% compared to the third quarter of 2017 at a median of $810,000. As was the case in other areas around the Puget Sound, the average days on market is leveling off into historic norms, with homes selling in an average of under three weeks.
Seattle Condominiums
Many of the trends playing out in the single-family market in Seattle hold true when it comes to condominiums, with inventory remaining at the forefront of real estate discussions. There were 2.7 months of inventory in the third quarter of 2018, the most the market has seen since the third quarter of 2012, when we nearly reached a balanced market at 2.9 months. Since then, inventory has continued to sink, with averages well below 1 month in every quarter since 2015 began. Given that there have been few options for buyers over the past few years, it is no surprise that condominiums in Seattle have regularly sold at or above list price.
