We have been hearing in recent weeks that Seattle home prices grew this spring faster than they have since the bubble in 2006, and a new report attributes the cause to a spike in the least expensive homes in the city. However, there’s reason to think that the surge in home prices we saw back in May isn’t reflective of the Seattle real estate market in July. Although home prices may no longer be spiking as drastically as they did in the spring, we still experienced an increase in home prices as compared with the same month last year.
There were 50 fewer single family residential homes listed on the market in July 2018 as compared with 551 homes listed in July last year, but the average sale price was more than $75,000 higher last month at $995,779, compared with the average sale price in July 2017 of $919,841. The most expensive homes sold in Seattle last month also beat out top sale prices in July last year, with the top priced home selling last month for $8,400,000. The next most expensive home sold in July 2018 was priced at $5,100,000, meanwhile the most expensive home sold in July 2017 was sold for $6,585,000.
Condominium sales also saw a price increase year-over-year last month, and also with fewer listings, although the difference was much closer with 215 listings in July 2018 and 227 listings in July last year. The average sale price and top sale price were also comparatively closer, with an average sale price of $577,012 for condos sold last month, while the average price for a condo sold in July 2017 was $564,315. In July 2018, two condominiums were sold for just over $3 million ($3,065,000 and $3,050,000), while the top priced condo sold in July 2017 was $3,100,000, followed by sale prices below $2 million.
There are a total of 1,020 active listings in Seattle right now, in addition to 678 homes and/or condos 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.