February Real Estate Report for Seattle Neighborhoods
For much of the last two years, the Seattle real estate market was one of the hottest in the country. But the market has been cooling in recent months, and recent reports have found that its now cooling faster than any other U.S. city.
This means that, for the first time in several years, it’s a fantastic time for first time homebuyers. Competition is nowhere near as fierce as it was even this time last year, and homes are staying on the market for longer while inventory has grown by 85% since last year. Additionally, Seattle home price growth has slowed to 5.1 percent year-over-year, according to a S&P CoreLogic Case-Shiller report.
A market cool-down is certainly apparent in the actual numbers as well. While there were nearly 300 residential homes sold in February 2018, only 19 were sold last month. However, the average sale price was just over $1 million, while the average price of homes sold in February 2018 was $952,055. Meanwhile, more expensive homes were selling in February last year, with a top sale price of $4,350,000 (compared with a top sale price of $1,738,450 last month).
Condominium sales are also significantly reduced from last year. With only one listed condo selling for $405,000, February 2019 was a very slow month for condo sales. A total of 148 condo listings sold in February 2018, with an average sale price of $654,023 and a top sale price of $3,175,000.
There are a total of 942 active Seattle home and condo listings, with 448 listings (single-family residences and condominium) pending sale.
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.