Q3 Market Trends Report

Realogics Sotheby’s International Realty has published their look at the housing market trends for the third quarter of 2019, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences. Below, I’ve highlighted key insights for both Seattle and Eastside single-family homes.

Seattle   |   Single-Family Homes

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 off 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.

Eastside |   Single-Family Homes

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, affording buyers fewer options than they saw in previous quarters this year. Despite less homes offered for sale, buyers benefited 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

For the full report, please visit RSIR.com.