New Quarterly Market Report Details State of Seattle and Eastside Real Estate
As droves of people flock to Seattle and the Eastside, local real estate continues to sizzle while showing some hints of cooling down. Realogics Sotheby's International Realty’s latest market report details 2018’s third quarter trends for these two fast-growing regions.
On the Eastside, median home prices saw a 7.11-percent increase over the past year, a significant drop compared to the 14.8-percent increase from Q3-2016 to Q3-2017. In Seattle, the median home price rose to $810,000, up from 2016’s $675,000. The Eastside comes in slightly higher with a median home price of $889,000 for this past quarter.
That’s a $378-per-square-foot median price point for the Eastside, an 8.3-percent increase from 2017. Compare that to the Emerald City, where we saw a 9.3-percent increase with Seattlelites paying approximately $471 per square foot versus 2017’s $431-per-square-foot median.
Inventory in both Seattle and on the Eastside is finally attaining a more balanced market, defined as having 3 to 6 months of inventory. In quarter three of 2018 there was 2.7 months of inventory for the area. This is an almost 75-percent surge for Seattle compared to last quarter’s 1.2 months of inventory, and a colossal 156.4-percent increase year-over-year.
While inventory may maintain a more balanced state for the area, home prices should continue to steadily climb through the end of next quarter and into next year with Bellevue as the second-fastest growing neighborhood in the region—right behind Seattle’s South Lake Union.