October Real Estate Report for Seattle Neighborhoods
As the Seattle real estate market cools for the fall, home sellers are lowering home prices at surprising rates. And for the first time in four years, the average home in the Seattle area is selling below list price, making this a great time for buyers since bidding wars aren’t an issue. Back in May, when the market was peaking, the average Seattle-area home sold for around 6.3 percent above listing price, while the average is now around 0.6 percent below list price.
This cooling of the market can be seen in the number of listings as well as the average home price for houses sold last month as compared with October 2017. Although there were only two listings this month last year, both homes were sold for more than $1.5 million, with an average price of $2,489,000 (the most expensive of the two homes sold for $3,300,000). Comparatively, there were a total of 13 listings last month but the average price hovered around just $1 million ($1,009,395), and the top-priced home sold for $1,925,000.
Condominium sales have seen similar changes in real estate trends. Only one condominium home sold in October 2017 for $1,075,000, while there were four total condo listings last month in the Seattle area with an average home price of just $750,100. The most expensive condo sold last month for $1,252,500.
There are a total of 1,431 active listings in Seattle right now, plus 476 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!