SEATTLE QUARTERLY MARKET UPDATE · QUARTERLY MARKET UPDATE SEATTLE After two quarters of declines in median home prices in Seattle, the third quarter of 2019 began to trend closer

QUARTERLY MARKET UPDATE

S E AT T L E

After two quarters of declines in median home prices in Seattle, the third quarter of 2019 began to trend closer to positive at $800,000, a dip of just 1.23% from Q3-2018 to Q3-2019. Buyers truly came o� the sidelines as summer turned to autumn, with the number of home sales up by nearly 8%(from 1,531 to 1,653). Inventory conditions were nearly identical on a year-over-year basis with roughly 1,050 homes for sale and 2.3 months of inventory.

Just two years ago, single-family homes in Seattle were selling in an average of just two weeks. Since then, buyers have enjoyed slightly more favorable conditions, with homes selling roughly one month after being introduced to the market.

SEL

LER

’S M

ARKET

NEUTRAL

BUYER’S MA

RK

ET

INTEREST RATES30-year �xed rate for conventional mortgage loan

Each o�ce is independently owned and operated. All reports presented are based on data supplied by Trendgraphix with information and statistics derived from Northwest Multiple Listing Service. Neither the Board nor its MLSs guarantee or are in any way responsible for its accuracy. Data maintained by the Associations nor their MLSs may not re�ect all real estate activities in the market. Information deemed reliable but not guaranteed. Seattle data includes NWMLS areas

380, 385, 390, 700, 705 and 710.

STATE OF THE MARKET2.3 months of inventory(Based on Q3 housing inventory. Seller’s Market = 0 to 3 months inventory, Neutral Market = 3 to 6 months inventory, Buyer’s Market = 6+ months inventory.)

3.99%

4.54%

3.99%

•2019 •2018 •2017

Q3 JULY–SEPTEMBER 2019

1,6532019

1,5312018

HOMES SOLDQ3-2019 vs. Q3-2018 ↑(7.97%)

$470$452 AVERAGE PRICE

PER SQ. FT.Q3-2019 vs. Q3-2018↓(-3.84%)

20

18

2

019

$800K MEDIAN SALES PRICESingle-Family Homes Q3-2019

33 18 15AVERAGE DAYS ON MARKETQ3 2019—2017

2019 2018 2017

$400,000

$450,000

$500,000

$550,000

$600,000

$650,000

$700,000

$750,000

$800,000

$850,000

$900,000

$950,000

5.19%

2017 2018 2019

-1.23%

MEDIAN SALES PRICEQ3 2017—2019

-6

-4

-2

0

2

4

6

8

10

12

14

16


E A STS I D E

Home prices on the Eastside remained relatively unchanged from the third quarter of 2018 to the third quarter of 2019, at $890,000 and $885,000, respectively. September was a particularly notable month for single-family home sales on the Eastside, with a spike in median sales price from $860,000 in 2018 to $869,000 in 2019.

The number of homes for sale on the Eastside decreased by over 20% from Q3-2018 to Q3-2019: from 1,398 to 1,103, a�ording buyers fewer options than they saw in previous quarters this year. Despite less homes o�ered for sale, buyers bene�ted from a healthy supply of inventory (at 2.5 months) and didn’t feel the pressure to make a quick decision, as it took an average of about 5 weeks for a home to sell.

3.99%

4.54%

3.99%

•2019 •2018 •2017

SEL

LER

’S M

ARKET

NEUTRAL

BUYER’S MA

RK

ET



HOMES SOLDQ3-2019 vs. Q3-2018 ↓(-3.81%)

Q3 JULY – SEPTEMBER 2019

Each o�ce is independently owned and operated. All reports presented are based on data supplied by Trendgraphix with information and statistics derived from Northwest Multiple Listing Service. Neither the Board nor its MLSs guarantee or are in any way responsible for its accuracy. Data maintained by the Associations nor their MLSs may not re�ect all real estate activities in the market. Information deemed reliable but not guaranteed. Eastside data includes NWMLS areas 500, 530,

540, 550, 560, 600.


PER SQ. FT.Q3-2019 vs. Q3-2018↓(-1.29%)


2019 2018 2017


$0

$1M

7.11%

2017 2018 2019

-0.56%

-6

-4

-2

0

2

4

6

8

10

12

14

20

18

2

019


$.1M

$.9M

$.8M

$.2M

$.3M

$.4M

$.5M

$.6M

$.7M

1,7162019

1,7842018


B A I N B R I D G E

After double-digit home price growth from the second quarter of 2018 to that of 2019, the median sales price of single-family homes on Bainbridge Island retraced slightly to $870,000 in the third quarter of 2019. Buyers in this area purchased homes with greater speed than seen in previous years as homes sold in an average of just 19 days on market—a sharp decline from the 44 days they spent on the market in both Q3-2017 and Q3-2018. Conditions are relatively favor-able for both buyers and sellers, with a healthy supply of inventory, at 2.4 months.

In the second quarter of this year, the average price per square foot held steady. This quarter it grew by just over 7%, at $382.26.

3.99%

4.54%

3.99%

•2019 •2018 •2017

SEL

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ARKET

NEUTRAL

BUYER’S MA

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HOMES SOLDQ3-2019 vs. Q3-2018 ↓(-14.07%)


Each o�ce is independently owned and operated. All reports presented are based on data supplied by Trendgraphix with information and statistics derived from Northwest Multiple Listing Service. Neither the Board nor its MLSs guarantee or are in any way responsible for its accuracy. Data maintained by the Associations nor their MLSs may not re�ect all real estate activities in the market. Information deemed reliable but not guaranteed.


PER SQ. FT.Q3-2019 vs. Q3-2018↑(7.45%)


2019 2018 2017


$0

$1M

2.59%

2017 2018 2019

-4.61% -6

-4

-2

0

2

4

6

8

10

12

14

20

18

2

019


$.1M

$.9M

$.8M

$.2M

$.3M

$.4M

$.5M

$.6M

$.7M

1162019

1352018


The higher levels of inventory in the Seattle condominium market that we reported in the �rst and second quarters of 2019 continued into the third, with 3.6 months of inventory. This indicates neutral market conditions for buyers and sellers, which have not been felt in the market’s recent past. With more options, homebuyers continued to take time before making a purchase, as condominiums spent an average of about 6 weeks on the market.

As was the case in the Seattle single-family data, the condo market felt the impact of an inventory surge with a year-over-year decline in median home prices, from $480,000 to $420,000. The average price per square foot was down by a slightly less 3.42% from Q3-2018 to Q3-2019, at $584.61 and $564.63, respectively.

3.99%

4.54%

3.99%

•2019 •2018 •2017

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NEUTRAL

BUYER’S MA

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$420K MEDIAN SALES PRICECondominiums Q3-2019


HOMES SOLDQ3-2019 vs. Q3-2018 ↑(5.59%)


Each o�ce is independently owned and operated. All reports presented are based on data supplied by Trendgraphix with information and statistics derived from Northwest Multiple Listing Service. Neither the Board nor its MLSs guarantee or are in any way responsible for its accuracy. Data maintained by the Associations nor their MLSs may not re�ect all real estate activities in the market. Information deemed reliable but not guaranteed. Seattle data includes NWMLS areas

380, 385, 390, 700, 705 and 710.


PER SQ. FT.Q3-2019 vs. Q3-2018↓(-3.42%)


2019 2018 2017


20

18

2

019


4722019

4472018

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

9.09%

2017 2018 2019

-12.50%-12

-9

-6

-3

0

3

6

9

12

15

18

21

S E AT T L E C O N D O M I N I U M S

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SEATTLE QUARTERLY MARKET UPDATE · QUARTERLY MARKET UPDATE SEATTLE After two quarters of declines in median home prices in Seattle, the third quarter of 2019 began to trend closer