Seattle’s real estate market is continuing to experience rising home prices and growing sales numbers, with buyers aggressively bidding on sparse listings for fear of being priced out. Last week, S&P CoreLogic Case-Shiller released data that showed Seattle area home prices rose 13 percent over the 12-month period between March 2017 and 2018. This was double the national average of home price increases (6.5%), and means the Seattle area has continued a massive growth streak for 19 months.
Although there were slightly fewer single family home listings in May this year, home prices were significantly higher as compared with the same month in 2017. Last May, a total of 493 homes were listed, while 508 were listed in May last year. The average sale price was more than $100,000 higher this year, however, at $1,042,903. The average sale price for homes sold in May 2017 was $901,706. The most expensive home sold in May last year was $4,300,000, more than $3 million below the top home price sold last month, which was $7,445,000.
The 2018 increased home prices can be seen with condominium sales as well. There were several more condos listed in May 2017 as compared with last month: 291 vs. 254, but the average condo sale price was more than $100,000 higher in 2018. The average sale price for condos sold last month was $643,479, and the average sale price for May 2017 condos sold was $535,640. Although the most expensive condominium sold in May 2017 was significantly higher than the top priced condo sold last month, the cumulative average of the top priced condos sold in May 2018 was higher. May 2017 saw a top condo sale price of $7,500,000, with only the next three condos priced at $2 million or higher. Meanwhile, the top priced condo sold in May 2018 was $2,875,000, followed by a total of six additional condo sales with prices $2 million or higher.
There are a total of 744 active listings in Seattle right now, plus 760 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.