Seattle has been leading the nation with the hottest real estate market for a full year now, with no signs of slowing down. This trend is expected to continue into 2018, according to an emerging trends report from ULI.
The steady increase in home prices has led to a growth that is double San Francisco’s, although the California hub’s home values are still much greater than ours. That being said, Seattle’s home values increased by more than 12 percent in 2017.
Last month, residential home sales were generally close to the October 2016 statistics, with only 20 fewer homes listed last month as compared with October last year. However, the average sale price for single family residential homes increased by more than $100,000 this year to $793,000 from $665,075 this month last year. The greatest home sale price was also significantly higher in October 2017 at $5,875,000, compared with $3,475,000 for the same month in 2016.
Condominium sales last month were almost the same as they were this time last year, with only six more listings for October 2017 versus 2016. The average condo sale price was $63,250 higher this year at $487,500. October 2016’s highest condo sale price was about half a million dollars more last year, at $2,640,000 as compared with October 2017’s highest condo sale of $2,105,000.
A total of 700 listings are currently active in Seattle, and 842 are pending sale.
Inventory is competitive for both residential houses and condominiums throughout the greater Seattle area, and Ewing & Clark’s highly experienced brokers and leasing agents are your ideal partner. Whether you’re getting ready to put your home on the market, or you’re looking for a new luxury condo or dream home, contact us to get connected to the best level of service and customer care.