Data from the fourth quarter of 2018 is in and Realogics Sotheby’s International Realty has analyzed the numbers. Take a look at the latest housing market trends in Seattle for single-family homes and condominiums.
Seattle Single-Family Homes
After reaching a high of 2.1 months of inventory in the third quarter of 2018, inventory dipped slightly, settling at 1.5 months in Q4-2018. Though that figure dropped on a quarter-by-quarter basis, it represented a dramatic shift compared to the final quarter of 2017, when there was just 0.4 months of inventory.
Home values in Seattle remained relatively steady compared to Q4-2017, with slight gains reported in both the median sales price and average price per square foot. The median sales price grew from $775,000 to $781,000, while the average price per square foot increased from $435 to $441.
As was the case with single-family homes, condominium inventory fell slightly compared to the previous quarter (shifting from 2.7 months in Q3-2018 to 2.2 months in Q4-2018) but was up dramatically from the previous year, when there was just 0.2 months of inventory. An influx in the number of condominiums available for sale lent itself to longer market times, with homes spending an average of 36 days on the market.
Rising inventory has not contributed to depreciating home values, however, as the median sales price grew by 8.4 percent from the fourth quarter of 2017 to the fourth quarter of 2018, at $441,000 and $478,000, respectively. The average price per square foot grew at a slightly lesser pace—just under 6 percent—from $549 in Q4-2017 to $581 in Q4-2018.