QUARTERLY REPORT Q3 2018
S E AT T L E R E A L E S TAT E M A R K E T The most asked question about the Seattle real estate market today: “Why is the market slowing?” The short answer: Today’s real estate market is being directed by both baby boomers and millennials with different perspectives and objectives in mind. Buyers have seen price increases outpace income growth and are being challenged further by increases in mortgage interest rates. In general, buyers are younger than we have seen in a decade and they are strategically waiting to see how the increased inventory will impact prices. Potential sellers in today’s market are a more diverse group. Typically, they have owned their homes for many years and have seen price appreciation work to their benefit. A large portion of these sellers are baby boomers and do not have the urgency to sell because they have not determined where their next move will take them. As inventory continues to increase, sellers are competing for offers from a smaller pool of buyers. In addition, many of these buyers are offering lower prices due to the number of choices they now have. Housing prices are correcting, and we see further indication that this will continue at least through the end of the year.
84 %
AVAILABLE INVENTORY
3,369
SOLD LISTINGS
1,924
CHANGE IN AVAILABLE INVENTORY
778,333
29%
$
21%
CHANGE IN DAYS ON MARKET
MEDIAN SALES PRICE
M A RK E T S H A RE O F COM PA N Y By Volume REPRESENTING BUYERS
REPRESENTING SELLERS 24%
19%
WINDERMERE
11%
10%
JOHN L. SCOTT
9%
9%
KELLER WILLIAMS
7%
7%
COLDWELL BANKER
6% 5%
RE/MAX
REDFIN
6% 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 Q3 2018
Average Sale Price
$787,000
$799,000
2%
Median Sale Price
$635,667
$659,333
4%
Average PSF
$808
$813
1%
Sold Listings
150
126
-16%
22
34
58%
Q3 2017
Q3 2018
YoY%
$1,046,000
$1,234,333
18%
Days on Market
Queen Anne | Magnolia Uptown Average Sale Price Median Sale Price
YoY%
RESIDENTIAL
$911,000
$1,038,333
14%
Average PSF
$470
$528
12%
Sold Listings
262
177
-32%
19
22
12%
Days on Market
Ballard | Green Lake | Fremont | Wallingford Q3 2017
Q3 2018
YoY%
$818,000
$857,333
5%
Median Sale Price
$747,667
$783,667
5%
Average PSF
$428
$458
7%
Sold Listings
647
517
-20%
11
16
41%
Days on Market
Ravenna | Northgate | Laurelhurst Q3 2017
Q3 2018
YoY%
$893,000
$997,667
12%
Median Sale Price
$789,667
$827,000
5%
Average PSF
$421
$456
8%
Sold Listings
374
329
-12%
13
18
33%
Days on Market
Mt Baker | Leschi | Columbia City | Seward Park Q3 2017
Q3 2018
YoY%
$738,333
$689,333
-7%
Median Sale Price
-2%
$635,000
$623,000
Average PSF
$360
$373
4%
Sold Listings
233
159
-32%
19
18
-9%
Days on Market
Beacon Hill | SODO | Georgetown Q3 2017
Q3 2018
$606,333
$639,333
5%
Median Sale Price
$598,333
$629,667
5%
Average PSF
$323
$383
18%
Sold Listings
120
112
-7%
16
19
23%
Days on Market
Capitol Hill | Central District | Madison Park Average Sale Price
$1,079,667
$1,220,000
13%
Median Sale Price
$859,333
$992,333
15%
Average PSF
$506
$560
11%
Sold Listings
281
231
-18%
17
20
15%
Q3 2017
Q3 2018
Average Sale Price
$644,000
$716,667
11%
Median Sale Price
$601,000
$671,000
12%
Average PSF
$347
$375
8%
Sold Listings
518
399
-23%
15
23
48%
West Seattle West Seattle
Days on Market
Central
$992,333 15%
Downtown
$659,333
4%
Southeast
$623,000 -2%
Southwest
$629,667
West Seattle
5%
$671,000 12%
NUMBER OF SOLD LISTINGS During September
RESIDENTIAL
Q3 2018
Days on Market
14%
YoY%
Q3 2017
Central
Uptown
$1,038,333
RESIDENTIAL
Average Sale Price
Southwest
$827,000 5%
RESIDENTIAL
Average Sale Price
Southeast
Northeast
5%
RESIDENTIAL
Average Sale Price
Northeast
Northwest
$783,667
RESIDENTIAL
Average Sale Price
Northwest
MEDIAN SALES PRICE | YOY %
CONDOMINIUM
Q3 2017
Downtown
YoY%
612
641
659
706
704 509
RESIDENTIAL YoY%
2013
2014
2015
2016
2017
2018
PHOTO LOCATION Marion Oliver McCaw Hall Bill & Melinda Gates Foundation Campus
I N O U R OW N B AC K YA R D
“In my own work, I’ve tried to anticipate what’s coming over the horizon, to hasten its arrival, and to apply it to people’s lives in a meaningful way.” In memoriam: Paul Allen 1953-2018
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.