The housing market in Seattle continues to thrive as we move through 2018. Data from the second quarter of the year was recently released, proving the local market to be a highly desirable region. Will this quarter's increased inventory be cause of relief for increasing sales prices? Discover trends from the Q2-2018 below.
Seattle Single-Family Homes
As the city maintains its lead with the highest home prices in the nation, it comes as no surprise that the average sales price increased. Up 13.1% from Q2-2017, the average sales price increased to $857,000. This brought the average price per square foot up to $373.85, an increase of 12.5% from Q2-2017.
Inventory caused slight relief for buyers, as this quarter saw 1.1 months of inventory compared to 0.8 in Q2-2017. As inventory continues to expand, buyers have more options when shopping for their perfect home. However, it is still as important as ever to submit offers in a timely manner as the average days on market dropped to 16, down 3 days compared to last year.
Data for condominiums within Seattle was relatively similar to the patterns seen in single-family homes. The average sales price grew to $514,000, which amounted to a 16.6% year-over-year increase. Days on market dropped by 3, the same margin as in Seattle single-family homes, for a current average of 14 days.
In total, 2,192 condos sold through the quarter. This number is relatively steady when compared with sales in Q2-2017, despite an increase of inventory in Q2-2018.