Market Trends: Second Quarter 2019
Statistics from the second quarter of 2019 are here and Realogics Sotheby’s International Realty has crunched the numbers with a look at home price trends in Seattle, the Eastside and Bainbridge Island. The market is now showing an upward trajectory, with home price growth in some markets, a rise in inventory, and favorable interest rates for homebuyers. Below you’ll find a link to each of the reports with some key insights from the Seattle single-family and condominium markets.
View the Seattle | Single-Family Homes Report
View the Seattle | Condominiums Report
Seattle | Single-Family Homes
The second quarter of 2019 saw a similar decline in Seattle single-family median home prices to what was outlined in the first quarter market report, with year-over-year values down 7% in Q1-2019 and 6% in Q2-2019. The median sales price fell from $869,000 in Q2-2018 to $817,000 in Q2-2019. It is thus expected that the average price per square foot also declined, from $493.18 in Q2-2018 to $461.54 in Q2-2019.
After a markedly higher market time of 47 average cumulative days on market in the first quarter of 2019, homes sold with more speed in the second quarter of the year, spending an average of 25 days on the market. Though this represented the lowest market time we’ve seen in Seattle in 2019, the figure was significantly longer than the second quarter of 2018, with homes selling in just two weeks.
Seattle | Condominiums
The higher levels of inventory in the Seattle condominium market reported in the first quarter of 2019 continued into the second quarter, with 2.5 months of inventory, a marginal drop from the 2.8 months of Q1-2019. It is expected, then, that more options meant homebuyers continued to take their time in purchase decisions, as condominiums spent an average of 36 days on the market. (Though higher than Q2-2018 market times, the figure was markedly lower than Q1-2019 when condominium market times climbed to over two months.)
As was the case in the Seattle single-family market, a healthy supply of inventory and less competitive conditions pulled the median sales price down by 6%: from $500,000 in Q2-2018 to $470,000 in Q2-2019. The average price per square foot was down by a slightly lesser 4.2% from Q2-2018 to Q2-2019, at $606.15 and $580.58, respectively.