The housing market in Seattle seemed to cool off in the latter half of 2018, however data from the fourth quarter of the year was recently released, and it proves the market transitioned further from the balanced market of the third quarter and back toward the seller’s market we saw in the first half of 2018.
Will this quarter's decreased inventory be a cause of stress with increasing sales prices? Discover trends from Q4-2018 below.
SEATTLE SINGLE-FAMILY HOMES
The city continues to be one of the most expensive cities to live, and sale prices continue to rise. The median sales price increased to $781,000, while the average days on market increased a whopping 57% from the year before. The average price per square foot also increased to $441, a gain of 1.2% from Q4-2017.
Inventory caused slight stress for buyers, as this quarter saw 1.5 months of inventory compared to 2.1 in the previous quarter. As inventory slows, buyers have less options when shopping for their perfect home. This means that the market is no longer as balanced as it before — now, it’s a decidedly seller’s market once again.
Read the full single-family homes report >>
Data for condominiums within Seattle was somewhat similar to the patterns seen in single-family homes. The median sales price grew to $478,000, and the average days on the market increased 44.4% from the year preceding. For Seattle condominiums, the market is also leaning towards a seller’s market instead of a balanced market.
In total, only 352 condos sold through the quarter. This number was a 38.5% decrease from sales in Q4-2017.