April Real Estate Report for Seattle Neighborhoods
The Case Schiller recently reported that Seattle’s real estate market cool down is in line with the national trend, although it’s clear how drastic the change has been. The latest home price index report indicated a national average home price increase of 4 percent in February, compared with Seattle’s 2.8 percent increase in home prices. But that’s a drastic change from the largest gain we had last year, an increase of 12.7 percent.
David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in the report that, “Regional patterns are shifting. The three California cities of Los Angeles, San Francisco and San Diego have the three slowest price increases over the last year.”
We are seeing an increase in inventory in the single family home sector of the Seattle real estate market, with 40 homes listed last month compared to only three listings in April 2018. Home prices are also showing an increase; the average sale price in April last year was $1,019,600, with the average increasing nearly $200,000 last month to $1,196,761. However, the highest priced home that sold last month was for $6,895,000, which is skewing the average to some degree. The most expensive single family home sold in April 2018 was for a top sale price of $2,195,000.
Condominium listings are also higher this year, with 14 listings sold last month compared to just four listings that sold in April last year. April 2018 average and top sale prices were markedly higher than last month, however, with an average sale price of $3,708,293 compared to last month’s average sale price of $533,425. The priciest condo that sold in April 2018 was a whopping $9 million, followed by one at $3.4 million and two in the $1.1 to $1.3 million range. Last month, comparatively, the most expensive condo sold for $849,000.
In total, there are currently 1,342 active listings and 734 listings pending for residential homes and condos.
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