Released late last month, the RSIR Quarterly Reports show an in-depth look at the housing market and real estate trends from the first two quarters of 2017. The reports focused on Seattle, the Eastside and Bainbridge markets; but another recent semi-annual report pulled details from several neighborhoods and areas around the sound. The numbers from both reports show an increase in median home prices in every studied area.
The Seattle home prices "continued to exceed seller's expectations in Q2-2017, as the median sales price reached $718,000, and increase of nearly 13% compared to 2016." The RSIR report goes on to give details comparing single-family homes in Q1 and Q2 of 2017 as well as Seattle condominium trends. The increase in price for condos in Seattle was 15% higher than Q2-2016. Most startling, in Q2-2017, "on average, condos are selling in [an average of ] 17 days, down 2 days compared to this time last year." Single family homes are moved even quicker in Q2-2017 and were only on the market an average of 14 days, which is down 4 days compared to this time last year.
Over on the Eastside, "an abundance of well-qualified buyers combined with a decrease in the overall number of homes for sale is fueling consistent, remarkable gains in home values. While inventory fell 22% [in Q1-2017] the median home price rose 17%." Dropping even further in Q2-2017, the Eastside saw a decrease in inventory to hit just .8 months and a spike in average list price, hitting a median home price of $913,000. Surprisingly, the Eastside saw an higher average number of days on the market for their listings and at 20 days, remained unchanged compared to this time last year.
The semi-annual reports divide the Western Washington areas into smaller neighborhoods and boasts that the median selling price of a waterfront home in Kirkland was $1.38 million in the first half of 2017. Furthermore, East Bellevue's median selling price increased 20.5% to $742,500; and West Bellevue was up 7% to $1.34 million. The Seattle numbers were separated into several areas but can all be found in the original RSIR "Semi-Annual Market Report" blog post.