The first quarter housing market numbers reveal an interesting story about Seattle and the Eastside. Despite a slower season for home sales in Seattle, prices gained ground and rose to staggering heights for both areas. On the Eastside, single-family home average sales prices ended the quarter at $1,002,000. In Seattle, the average home price hit $917,000. This also equated to a higher average price-per-foot in both Seattle and the Eastside. In Seattle, the price increased to $453.20 - up 11 percent compared to Q1-2017; and on the Eastside the average price per square foot rose 12.41 percent up from Q1-2017, to $369.05.
Meanwhile, homes in Seattle spent an average of just 20 days on the market. The anemic inventory pushed buyers to purchase more quickly and in the first quarter of 2017, there were 1,242 homes sold; while in the first quarter of 2018 there were 1,082 homes sold. On the Eastside, homes spent an average of 29 days on the market. There were 1,237 homes that sold in the first quarter of 2017 and 1,180 homes that sold in Q1-2018.
SEATTLE MEDIAN SALES PRICE
EASTSIDE MEDIAN SALES PRICE
See the full reports of Seattle single-family homes, Seattle condominiums, Eastside residential, and Bainbridge Island residential here: Market Trends from Around the Sound