The housing market numbers are in for the fourth quarter of 2018, 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, and inventory has dropped such that the state of the market is a Seller’s Market in both areas. This quarter brought other notable trends as well.
On the Eastside, the number of homes that sold decreased by 19.2% compared to this time last year, and the average price for single-family homes increased 3.4% percent year-over-year (up to $860,000). The number of days on the market increased to 42, almost double the same time last year. More interestingly, the inventory for single-family homes increased up to 1.7 months this quarter. Last year at the same time, the Eastside was sitting at 0.5 months.
In Seattle, the median sales price of a single-family home hit $781,000, which is up 0.8% percent compared to this time last year. However, as with the Eastside, the single-family home inventory has also increased in Seattle, up to 2.1 months compared to 0.4 months in the fourth quarter of 2017. Also similar to the Eastside is the average days on market, at 33 days, this number has increased 14 days from this time last year. In Seattle, the number of homes sold decreased 21.6% compared to the fourth quarter of 2017.
To view the full report for Seattle and the surrounding areas, click here!