The housing market numbers are in for the second quarter of 2018 (the months of April, May, and June) and Realogics Sotheby's International Realty have analyzed the data. Here are a few quick facts about how the Seattle-Metro area fared. Home prices on the Eastside, as well as in Seattle, have continued their upward climb, hitting 20 consecutive months on the rise. This quarter did bring some interesting trends, however.
On the Eastside, the number of homes that sold stayed steady compared to this time last year but the average price for single-family homes increased 12 percent year-over-year (up to $1,049,000) and the number of days on the market decreased to 15, down four days compared to the same time last year. More interestingly, the inventory for single-family homes increased up to 1.2 months this quarter. Last year at the same time, the Eastside was sitting at 0.8 months.
In Seattle, the median sales price of a single-family home hit $857,000, which is up 13.1 percent compared to this time last year. However, as with the Eastside, the single-family home inventory has also increased in Seattle, up to 1.1 months compared to 0.8 months in the second quarter of 2017. Also similar to the Eastside is the average days on market, at 16 days, this number is down three days compared to this time last year. The one big difference between Seattle single-family home sales and Eastside single-family home sales, is that in Seattle the number of homes sold actually decreased slightly compared to the second quarter of 2017. You can see in the chart below that the percentage difference between average sales price of 2018 Q2 and 2017 Q2 actually decreased as the quarter progressed. This is showing that prices aren't increasing as quickly as last year; and could potentially mean prices may start to level off.
Seattle Single-Family Home Prices