August Real Estate Report for Seattle Neighborhoods

Posted by Marketeering Admin on Thursday, September 6th, 2018 at 1:18pm.

Although many have become accustomed to the hot Seattle real estate market, it’s finally showing signs of cooling off into the fall. According to research over the past year, home values appreciated 9.1 percent in the last 12 months, which is down 14.2 percent from July last year. It’s still above the historical average, at 5.5 percent, but the signs of cooling are encouraging to prospective home buyers, who have been disheartened by home prices that rose continually over the past couple of years along with steep competition created by same-day cash offers.

Signs of a cooling market (although it’s still pretty warm) can be seen in the numbers comparing figures from August 2018 with those of the same month last year. There were more than 100 fewer listings of single-family residential homes in 2018, at 453 compared with 568 in August last year. The average home prices were close, at $917,908 in August 2017 and $944,783 last month. Although the priciest home sold last month was a brow-raising $11,000,000, it was followed by two homes that sold for $4.3 and $4.2 million, compared with the most expensive home sold in August 2017, which was priced at $5,245,000.

Condominium sales are also reflecting a cool-down compared to July sales, although the numbers are relatively close compared with condo sales in August last year. There were 179 listings last month, compared with 244 in August 2017 and 215 in July 2018. The top priced condo sold in August 2018 was priced at $2,898,000, followed by two more condo sales around the $2.8 million price point. Comparatively, the most expensive condo sold in August last year was for $2,600,000 and two condos sold in July 2018 for just over $3 million. However, the average condo price rose a little bit in August 2018, at $613,770 compared with an average price of $556,488 in August 2017.

As of today, there are a total of 1,152 active listings, with 588 Seattle home listings that are pending sale.

When you’re ready to list your home for sale or begin searching for your next dream home, professional expertise is key. Ewing and Clark’s team of knowledgeable and experienced brokers and leasing agents are just the partner you need to navigate Seattle’s busy real estate market. Contact us to get started!

This data is pulled from the NWMLS including neighborhoods Arboretum, Ballard, Beacon Hill, Belltown, Belvedere Terrace, Bitter Lake, Blue Ridge, Broadmoor, Broadview, Broadway, Capitol Hill, Cedar Park, Central Area, Columbia City, Crown Hill, Denny Blaine, Downtown, Dunlap, East Union, Eastlake, First Hill, Fort Lawton, Fremont, Georgetown, Green Lake, Greenwood, Haller Lake, Hawthorne Hills, Interbay, International District, Iverness, Jackson Park, Jefferson Park, Judkins, Lake City, Lake Union, Laurelhurst, Leschi, Licton Springs, Loyal Heights, Madison Park, Madison Valley, Madrona, Magnolia, Magnolia Bluff, Maple Leaf, Matthews Beach, Meadowbrook, Montlake, N. Beacon Hill, North Beach, North Capitol Hill, Northgate, Olympic Hills, Olympic Manor, Phinney Ridge, Pinehurst, Pioneer Square, Portage Bay, Queen Anne, Ravenna, Roanoke Park, Roosevelt, Safeco Field, Sand Point, Seattle, Sodo, South Lake Union, Sunset Hill, The Highlands, Times Square, University District, Victory Heights, View Ridge, Wallingford, Washington Park, Wedgwood, Westlake, Whittier, Windermere, and Woodland Park.

Leave a Comment