Seattle and the region around it topped the nation’s list of the hottest housing markets in 2017, despite the fact that home prices across the U.S. grew almost five times faster than the national historical average. And that didn’t just apply to Seattle; home prices in more affordable towns between Bellingham and Spokane weren’t far behind those for homes in the greater Seattle region.
As the home shopping season begins this spring, inventory remains at an all time low. There will be 19 percent fewer homes available in the Seattle metro area than last year, putting additional pressure on homebuyers as homes sell for more than asking prices and the average time on the market continues to decrease.
There were more listings and a higher average home sale price last month as compared to January, although the number of residential homes listed in February 2017 (283) were slightly more than last month’s 276 listings. Despite there being 7 more listings, the average sale price of residential homes in February 2018 was more than $100,000 greater than the average in the same month last year at $952,055 - the average in 2017 was $848,721. The most expensive home sale in February 2017 was $8,850,000 and although the top sale price last month was almost half that at $4,350,000, the second-highest sale prices were closer, comparatively, at $2,598,000 in February last year and $2,932,500 last month.
Condo sales in February 2018 topped those of the same month last year, although 11 fewer units were listed last month (148, compared to 159 condo listings in February 2017). The average condo sale price in February last year was $536,482, while the average price last month was $654,023. The top priced condo sales in February 2018 were $3,175,000 and $2,900,000, both higher than last year’s peak condo sale price of $2,415,000.
A total of 399 listings are currently active in Seattle and 532 listings are pending sale.
With such a highly competitive market, professional knowledge and guidance is crucial when you’re looking for your new home in Seattle. Our team of experienced, customer-focused brokers and leasing agents can help you navigate the process and find your next dream home. 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.