While it's true that home prices have continued to rise throughout the Seattle-Metro area, there are also some new and interesting statistics to go along with rising median prices. Realogics Sotheby's International Realty recently released their second-quarter market trends report for 2018 and we wanted to share a few statistics that jumped out at us.
Seattle's average single-family sales price for the second quarter (April, May & June) rose to $875,000, up 13.1 percent compared to the second quarter of 2017, which averaged $758,000. For condominiums in Seattle, the average sales price rose to $514,000, which was a 16.6 percent year-over-year increase. On the Eastside, single-family home sale prices rose just 3.2 percent, up to $1,049,000.
In both Seattle single-family, condominiums, as well as Eastside single-family listings the inventory started to increase. This was a stark departure compared to this time last year. For Seattle, single-family homes inventory increased from 0.8 to 1.1 months. For Seattle condominiums, inventory snuck up to 0.9 months from 0.6 months this time last year. On the Eastside, inventory increased up to 1.2 months in the second quarter of this year, compared to 0.8 this time last year.
The days on market in the second quarter dropped three days compared to this time last year, bringing the average down to 16, for Seattle single-family sales. For Seattle condominiums were also down three days, hitting 14 days. On the Eastside homes in the second quarter of 2018 hit 15, dropping 4 days compared to the second quarter of 2017.
For the full report and look at statistic trends, head to the RSIR blog: Market Trends From Around the Sound