The Seattle Real Estate Market Shows No Signs of Slowing in 2018

As indicated by average sales prices from around the Puget Sound in January 2018, the Seattle real estate market shows no signs of slowing, despite the start of the year typically marking a slowdown in our region. According to a recent article published by Seattle Times, "single-family home prices across the county surged nearly 20 percent in January compared with a year prior," and virtually no area was left untouched by gains, with increases ranging from 11 to 28 percent.

While Seattle saw a median price of $757,000, the Eastside finished the month at $938,000, a figure which held steady compared to the previous month. West Bellevue drew attention for its incredible 93 percent surge, as the Times reports the area hit "a record high of $2.72 million for the median house." On the whole, many of the region's neighborhoods saw price increases by over 30 percent compared to 2017, including North Seattle, Queen Anne-Magnolia, Southeast Seattle, West Seattle, Kirkland-Bridle Trails and Vashon Island. Those that have traditionally turned to condominiums as a more affordable homeownership opportunity are finding little relief, as condo prices increased 23 percent year-over-year, amidst anemic supply.

The city's thriving tech industry is drawing scores of new residents to the Puget Sound region, and increased demand for homeownership means "buyers can't afford to be picky about when they shop anymore," especially given that inventory dropped over 20 percent from last year.

Seattle's housing market has been making national headlines recently, as the latest S&P/Case-Shiller Index indicates that the Emerald City has led the nation in home price growth for a staggering fifteen consecutive months.