March Real Estate Report for Seattle Neighborhoods
As we enter springtime, the Seattle housing market is poised to pick up and thanks to the reduced home prices over recent months there’s a good chance buyers will have an easier time than in Spring 2018. Conditions still favor sellers, but there is more inventory and homes are staying on the market longer, making things less competitive.
Although there were fewer residential homes listed last month (261) as compared with 316 home listings in March 2018, we’re noticing the slight cooling of the market with average home sale prices this year. The average price for homes sold in March 2019 was $596,426, while last year’s was $977,332. Meanwhile, the priciest home sold last month went for more than double last March’s top sale price of $3,493,333, selling for $8,650,000.
The real estate market for condominiums was quite different last month, compared with March 2018. There were only seven condo listings that sold last month, while 209 were sold in March last year. Average sale prices between the same months were close, though, with the average in 2018 being $635,637 to last month’s $611,564 average sale price. And the priciest condo sold last month was $785,000, while the highest-priced condo sold in March last year closed for $2,889,000.
There are a total of 597 active real estate listings and 398 listings pending sale in Seattle.
For the foreseeable future, we can expect that the Seattle real estate market will continue to be highly competitive. 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!