Market Trends from Around the Sound: Q1-2019
Realogics Sotheby’s International Realty presents a look at the housing market trends for the first quarter of 2019, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
Seattle | Single-Family Homes
Though the median sales price declined by just over 7% from the first quarter of 2018 to the first quarter of 2019, the average price per square foot held relatively steady. The number of homes sold likewise remained largely unchanged, falling by just 3.76%.
Eastside | Single-Family Homes
Unlike other local markets, the median sales price on the Eastside increased slightly—by 1.7%—from the first quarter of 2018 to the first quarter of 2019. This gain came amidst higher inventory levels than the Eastside saw in all of 2018, at 2.4 months.
Bainbridge Island | Single-Family Homes
Inventory rose on Bainbridge Island in the first quarter of 2019, pushing into a neutral market, with 3.2 months of inventory. The average cumulative days on market was up slightly from the first quarter of 2018, at 67 days, yet remained much lower than the first quarter of 2017, when homes took an average of 83 days to sell.
Seattle | Condominiums
Sustained higher levels of inventory in the Seattle condominium market continued through the first quarter of 2019, which reported 2.8 months of inventory. The influx of options for condominium buyers has contributed to less home sales and lengthier market times, which reached just over two months in the first quarter of 2019, a markedly higher figure than the preceding two years.