Low inventory continues to plague the Seattle real estate market. It was an ongoing theme in real estate news for all of last year, and inventory in the first quarter of 2018 remains slim. Meanwhile, the market is still very hot. Last month, prices for new homes averaged $777,000 in Seattle and $950,000 on the east side of Lake Washington.
Across the board, from the average home or condo sale price to the top sold property, March 2018 topped the same month last year by at least $100,000.
Although there were more than 100 fewer single-family residential homes listed in March 2018 as compared with March last year, the average and top highest sales prices for the month surpassed last year’s by a significant amount. A total of 316 homes were listed last month, compared with 453 listings in March 2017. The average sale price was nearly $130,000 higher in 2018, at $977,332 versus the average sale price of $849,143 in March last year. The priciest home sold last month was $3,493,333, nearly $200,000 higher than the March 2017 top home sale price of $3,300,000.
Condominium sales in Seattle last month also eclipsed the numbers from March 2017, with nine more listings to total 209, and increased average and top home sale prices. The average condo home sale in March 2018 was priced at $635,637, which topped the average price in the same month last year by just over $100,000 (the average condo sale price in March 2017 was $535,333). The highest-priced condo sold last month was for $2,889,000, which was more than $500,000 higher than the top-priced condo sold in March last year ($2,350,000).
There are a total of 474 active real estate listings and 659 listings pending sale in Seattle.
For the foreseeable future, we can expect that the Seattle real estate market will continue to be highly competitive. 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.