January Real Estate Report for Seattle Neighborhoods
Last January, Seattle was ranked number three on the list of the top 10 hottest housing markets. But now, we’ve dropped to number 14 due to the recent slowdown. Most industry experts agree that the skyrocketing home prices that we saw over the last couple of years was unsustainable, and that the slowdown is a sign of the market balancing out.
With Seattle home prices down almost $100,000 and numbers falling on the Eastside as well, it’s certainly been a topsy-turvy few months for the region’s real estate market.
This may be the perfect time for some buyers who have been pushed out of the housing market due to bidding wars and rising home prices – millennials, in particular.
There were far fewer single-family residential homes listed last month (only 25), compared with 251 in January 2018, however, the average sale price didn’t change too much. The average home sale price in January 2019 was $825,500, compared with the $880,294 average for the same month last year. The most expensive home sold last month was priced at $2,000,000, while three homes sold for $2M or higher in January last year with a top price of $2,864,150.
The slowdown also shows with condominium sales, with only seven listings last month compared with 90 condos listed in January 2018. The average sale price for condos was higher, though, coming in at $669,786 last month versus the $587,337 average sale price in January last year. The highest priced condo to sell last month was $1,150,000, while three condominiums priced at $2M and above were sold in January 2018, with the top condo selling for $2,350,000.
A total of 834 Seattle homes and condos are active listings right now, with 439 listings (single-family and condominium) pending sale.
Professional knowledge and guidance is crucial when you’re looking for your new home in Seattle. Our team of experienced, customer-focused brokers and leasing agents can help you navigate the process and find your next dream home. Contact us to get started!