October 2019 Real Estate Report for Seattle Neighborhoods
With the number of home listings in Seattle decreasing, some predict that the fall season may also bring a drop in sale prices that could continue into the winter. This October, both residential home listings and condominium sale prices were substantially lower than in October of last year.
This October saw an increase from last year’s residential home listings from 10 listings in 2018 to 17 closed home listings in 2019. The average sale price for homes that sold this October was $805,642, which is significantly less than 2018’s average price of $2,559,800. Last year’s high average sale price can be partially explained by a $13,750,00 sale, which was a noted outlier. The most expensive residential home that sold last month closed at $1,274,000.
Only three condominium sales closed this October, compared to the seven listings in October of last year. The average sale price for condos last month was $518,667, which is about 33% less than last year’s average sale price of $776,143. The three condos listed this October were sold at $431,000, $450,000, and $675,000.
As of today, there are a total of 1,383 active real estate listings, with 575 Seattle home and condo listings 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 knowledgeable and experienced brokers and leasing agents are just the partners you need to navigate Seattle’s busy real estate market. Contact us to get started!