Market Trends from Around the Sound: Q3-2018
Realogics Sotheby’s International Realty presents a look at the housing market trends for the third quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
Inventory continues to remain at the center of real estate conversations in Seattle, as the frenetic market of recent years has given way to a more balanced one that reflects typical seasonal trends. In Q3-2018 we saw 2.7 months of inventory, up nearly 75% compared to last quarter (at 1.2 months) and a staggering 156.4% on a yearly basis.
Eastside | Single-Family Homes
Record-breaking home price growth for single-family homes on the Eastside moderated from Q3-2017 to Q3-2018 with a 7.11% gain, a stark difference from last year’s report, which showed a 14.80% increase in median home prices from Q3-2016 to Q3-2017.
Bainbridge Island | Single-Family Homes
While Seattle and the Eastside saw slight decreases in the average median sales price from the second to third quarter of 2018, home prices on Bainbridge Island increased on a quarter-by-quarter basis, from $865,000 in Q2 to $912,000 in Q3, representing a 5.4 percent increase (larger than the 2.3% year-over-year gain). This may be due to a shortage of supply, as Bainbridge Island averaged just 2 months, which was down from the previous quarter and marks the lowest of surveyed areas, though this figure held steady from the third quarter of 2017, which also averaged 2 months.
Seattle | Condominiums
As was the case in Seattle’s single-family market, the number of homes available for sale is dominating real estate discussions, as the condominium market in Seattle saw 2.7 months of inventory in the third quarter of 2018, the highest number reported since the third quarter of 2012, when we nearly reached a balanced market at 2.9 months. Since that time, inventory has continued to dip, maintaining numbers well below 1 month in every quarter since the start of 2015.