Seattle Metro Real Estate Quarterly REport Q2 2018

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.