December Real Estate Report for Seattle Neighborhoods
The local real estate market has been buzzing in recent months about consistently falling home prices through the last quarter of 2018. In just six months, prices decreased 11.3 percent – a steep decline after the home prices surged between 2012 and mid-2018. Industry analysts are pointing to an increase in available housing inventory with fewer buyers, increasing interest rates, seasonality, and other indicators.
But a resurgence in the Seattle real estate market may be on the horizon thanks to some key changes. For one, the Federal Housing Finance Agency (FHFA) announced late last year that loan limits will increase for conforming and jumbo loans in 2019 as a result of generally rising home values and other related increases. In King, Snohomish and Pierce counties, the maximum conforming loan limit is increasing to $484,350 and the maximum loan limit for jumbo loans will be $726,525.
Although fewer single-family residential homes were listed in December 2018 (327 listings) as compared with 349 listings in the same month in 2017, the average home sale price and top sale price were higher last month. The average sale price for a Seattle residential home last month was $905,124, slightly higher than the average price of a home sold in December 2017: $892,411. But nearly a dozen homes sold last month in the $2m – $3.5m price range, with the top sale price of $7,000,000. The priciest home sold in the same month in 2017 was $5,825,000.
Similarly, there were nearly 50 fewer condominiums listed in Seattle last month (136 listings) as compared with the 184 condos listed in December 2017. The average sale price was higher in December last year at $613,427, with the average price for a condo sold in December 2017 hovering around $575,000. The highest price for a condo sold last month was $3,400,000 and two condominiums shared that top spot and price, while the most expensive condominium sold in the same month of 2017 was $2,850,000.
There are a total of 853 active listings in Seattle right now, while a total of 295 homes and/or condos are pending sale.
When you’re ready to list your home for sale or begin searching for your next dream home, professional expertise is key. Ewing and Clark’s team of knowledgeable and experienced brokers and leasing agents are just the partner you need to navigate Seattle’s busy real estate market. Contact us to get started!