It comes as no surprise that Seattle’s real estate market is strong, showing very few signs of cooling anytime soon. In RSIR’s latest Quarterly Market Report, the numbers show that home prices—and pretty much everything else—continue to rise. One of the only aspects of the Seattle real estate market that is starting to level off is inventory.
In quarter three of 2018, there was 2.7 months of inventory, up nearly 75 percent from the last quarter and a whopping 156.4 percent year-over-year. According to the report, this is the most inventory buyers have found in Seattle since 2012. However, not as many homes were sold this past quarter with 1,525 homes sold, down 20.5 percent from 2017.
With supply reaching a more balanced place, home values have continued to appreciate, increasing 5.2 percent compared to last year. The median price for a single-family home in quarter three of 2018 was $810,000, up from 2016’s median price of $675,000. Homes are still flying off the shelves in our neck of the woods, with an average time of 18 days on the market.
Condos in Seattle reflect similar trends as single-family homes, also with 2.7 months of inventory and an average sell time of 18 days in quarter three of 2018. With low condo availability, Seattle condos have consistently sold at or above list price since 2014. The median price sits right at $480,000 compared to $400,000 in 2016.