QUARTERLY REPORT Q2 2018
S E AT T L E R E A L E S TAT E M A R K E T The second quarter of 2018 indicates that Seattle’s real estate market is shifting toward a more balanced climate. This is great news for buyers who have placed their search on hold due to the fatigue of submitting multiple offers or from simply being priced out of the market. 2018 Q1 vs. Q2 shows a significant change in metro Seattle prices. With an increase of only 4%, this is a stark contrast from the double-digit jumps observed over the last 4 years. The most compelling data to support the shift, centers around a 97% influx in inventory and 57% increase in new listings. The last time inventory AND new listings grew in tandem was more than 4 years ago. With more homes to choose from and moderating sale prices, an uptick in buyer activity is expected. As noted in our Q1 summary, Seattle metro prices have simply outpaced income growth, resulting in far fewer multiple offer situations. This shift is warmly welcomed and encouraging news for home buyers feeling defeated. Conversely, the new market data seems to be lost in translation to sellers. They continue to encourage brokers to publish offer review dates; a strategy that should be carefully considered as inventory rises. Frankly, many buyers are avoiding multiple offer scenarios altogether, and given the aggressive climate, is it hard to blame them?
MEDIAN SALES PRICE
$823,333
12 %
CHANGE IN MEDIAN SALES PRICE
$
AVERAGE PSF
3,040 2,175 NEW LISTINGS
477
SOLD LISTINGS
M A RK E T S H A RE O F COM PA N Y By Volum e REPRESENTING BUYERS
REPRESENTING SELLERS 34%
28%
WINDERMERE
8% 7%
COLDWELL BANKER
9%
KELLER WILLIAMS
9% 8%
6%
REDFIN
6%
RE/MAX
5%
JOHN L. SCOTT
5%
5%
Companies not shown represent less than 4% of Buyers and Sellers
S E AT T L E N E I G H B O R H O O D S Downtown Seattle | Belltown Q2 2018
Average Sale Price
$803,667
$855,667
6%
Median Sale Price
$605,333
$722,667
19% 12%
Average PSF
YoY%
$760
$850
Number of Sales
156
181
16%
Days on Market
37
29
-23%
Q2 2017
Q2 2018
YoY%
Average Sale Price
$1,101,333
$1,296,333
18%
Median Sale Price
$945,000
$1,119,000
18%
$475
$528
11%
252
218
-13%
17
19
16%
Queen Anne | Magnolia Uptown
Average PSF Number of Sales Days on Market
RESIDENTIAL
Ballard | Green Lake | Fremont | Wallingford Q2 2017
Q2 2018
YoY%
$806,000
$934,000
16%
Median Sale Price
$761,333
$858,333
13%
$424
$477
13%
622
586
-6%
10
9
-7%
Average PSF Number of Sales Days on Market
Ravenna | Northgate | Laurelhurst Q2 2017
Q2 2018
YoY%
$899,333
$1,026,667
14%
Median Sale Price
$792,000
$846,667
7%
$412
$485
18%
349
322
-8%
11
12
13%
Average PSF Number of Sales Days on Market
Mt Baker | Leschi | Columbia City | Seward Park Q2 2017
Q2 2018
YoY%
$691,000
$784,000
13%
Median Sale Price
$612,333
$697,667
14%
$343
$386
12%
242
196
-19%
18
17
-6%
Average PSF Number of Sales Days on Market
Beacon Hill | SODO | Georgetown Q2 2017
Q2 2018
YoY%
Average Sale Price
$607,667
$675,333
11%
Median Sale Price
$601,000
$669,000
11%
$330
$393
19%
Number of Sales
110
107
-3%
Days on Market
20
15
-27%
Capitol Hill | Central District | Madison Park Central Average Sale Price Median Sale Price Average PSF Number of Sales Days on Market
RESIDENTIAL
Q2 2017
Q2 2018
YoY%
$1,092,667
$1,374,667
26%
$918,667
$1,016,000
11%
$493
$601
22%
274
273
0%
17
18
4%
Q2 2017
Q2 2018
YoY%
West Seattle West Seattle
RESIDENTIAL
Average Sale Price
$659,667
$740,667
12%
Median Sale Price
$600,333
$694,667
16%
$358
$409
14%
535
473
-12%
15
13
-13%
Average PSF Number of Sales Days on Market
Uptown
$1,119,000 18% Central
$1,016,000 11%
Downtown
$722,667
19%
Southeast
$697,667
14%
Southwest
$669,000
West Seattle
11%
$694,667 16%
RESIDENTIAL
Southwest
Average PSF
$846,667 7%
RESIDENTIAL
Average Sale Price
Southeast
Northeast
13%
RESIDENTIAL
Average Sale Price
Northeast
Northwest
$858,333
RESIDENTIAL
Average Sale Price
Northwest
MEDIAN SALES PRICE | YOY %
CONDOMINIUM
Q2 2017
Downtown
RESIDENTIAL INVENTORY
97 %
2,500
2,000
1,500
1,000
500
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
PHOTO LOCATION Seattle Center Seattle Space Needle
I N O U R OW N B AC K YA R D
“In Seattle we live among the trees and the waterways, and we feel we are rocked gently in the cradle of life...and we congratulate ourselves for choosing such a spectacular place to rest our heads.” Garth Stein Seattle-based Author
Windermere Real Estate Wall Street Group
Downtown Seattle
Magnolia
Queen Anne
West Seattle
2420 2nd Ave Seattle, WA 98121
3214 W McGraw St #102 Seattle, WA 98199
214 W McGraw St Seattle, WA 98119
4526 California Ave SW Seattle, WA 98116
LEAH PHAM
Broker
206.992.2019 LeahPham.com leah@windermere.com
LIVE LO VE OWN
WALL STREET GROUP
Copyright © 2018 Windermere Real Estate / Wall Street Inc. All rights reserved. LIVE | LOVE | OWN ® is a registered trademark of Windermere Real Estate / Wall Street Inc. Wall Street Group is a trade name of Windermere Real Estate / Wall Street Inc. Statistics provided by the Northwest Multiple Listing Services are deemed accurate, but not guaranteed. Components and percentages may not precisely reflect the absolute figures, due to rounding. All information is provided for marketing purposes only and should be independently verified. If you are already working with an agent, this is not intended to solicit that business.