September 2023 Greater Seattle Real Estate Report
Northwest MLS Real Estate Report
Is the real estate market, including the greater Seattle real estate market, slowing down? Median price is holding steady from last year $600,000 this September versus $599,000 last September. On the other hand, sales are down dramatically (23.7%) from last September (7,504 vs 5,722). The decrease is significant, but when comparing to September 2021 (a admittedly a strong September with 10,289 transactions), the decrease seems even more noteworthy. Nevertheless, this September is still a sellers’ market. There is only 2.1 month of inventory. Traditionally, 4 to 6 months is an even market and anything above that is a buyers’ market. Both the supply and demand is decreased due to high interest rates. Buyers don’t like paying higher rates, and sellers that are locked into low rates, don’t want to replace their home with a higher interest rate loan.
Property prices are not expected to lower. If rates drop, the pent up demand for buyers is expected to be matched by people waiting to sell when they can replace their home more easily. Thus, while the NWMLS and Seattle real estate market has slowed in transactions, price will most likely continue to increase.
Seattle Real Estate Market
Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle for the past month.
Seattle Homes
Similar to the NWMLS, the number of Seattle home sales were down in September. There was 456 sales this September compared to 597 in 2022 and 916 in 2021. September 2021 and 2020 had a ton of transactions. COVID hit the US in early 2020 and the real estate market remained strong until interest rates started rising in the beginning of 2022. The average number of Seattle home sales for September from 2014 to 2019 was 682 transactions with a low of 544 in 2018 and a high of 759 in 2017.
The median home price in Seattle was up in September 2023 to $900,000. The previous two years it was $885,000 in 2022 and $826,250 in 2021.
Condo Market in Seattle
King county has more condo sales than any other county in the NWMLS. Furthermore, more condos are sold in Seattle than any other city in the NWMLS. In September 2023, there was 192 Seattle condo sales, down from 249 in 2022 and 348 in 2021. The median price was strong in September 2023: $542,450 compared to $499,000 in 2022 and $510,000 in 2021.
Again, while transactions are down, prices remain strong.
Seattle Luxury Real Estate Market
While the Eastside dominates the luxury real estate market, Seattle still has significant sales. This past September there were 29 home sales of $2 million or greater and 7 over $3 million. The most expensive was Washington Park view home that sold for $5,845,000. The previous September, there were 42 sales of $2 million or more. Moreover, there were 16 sales of $3 million and more including a houseboat that sold for $6,250,000. In September there were 52 of $2 million or more, but only 10 for $3 million and above.
The Seattle condo market has significant sales as well, but not much has sold over $2 million. In September 2023, there was one sale over $2 million. That sale was 1,352 sq ft penthouse in West Seattle in Alki. It sold for $2,249,950. In September 2022, there were 6 sale of $2 million or more, while in September 2021 there were 3.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, the Greater Seattle real estate market has slowed in transactions and pricing as compared to last year, but pricing is steady if not up slightly.
Every real estate market is different. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a waterfront property on Bainbridge, a luxury home in Windermere, or your first Seattle home, please contact us
