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!

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.