Q4 2019 | Market Update
Realogics Sotheby’s International Realty has released the report for Q4 of 2019, presenting a look at housing market trends from in-city living opportunities to the Eastside’s most distinguished residences.
The full report, which can be read here, covers our entire region. Out of this report, we’ve chosen to highlight Seattle and Eastside single family homes.
EASTSIDE MARKET
Home prices on the Eastside grew slightly from the fourth quarter of 2018 to the fourth quarter of 2019, at $863,000 and $879,000, respectively. The December 2019 median price of $908,000 marked the second highest on the Eastside for the entire year, topped only in June 2019 when homes sold for an average of $915,000. The number of homes for sale on the Eastside plummeted by nearly 50% from Q4-2018 to Q4-2019, from 840 to just 432. Steady declines in inventory have contributed to favorable conditions for sellers, with just 1.3 months of inventory on the market in Q4-2019, a lower figure than any of the year’s preceding three quarters.
SEATTLE SINGLE FAMILY HOMES
Median home prices in Seattle continued an upward trajectory to finish the year at $782,000, relatively unchanged from the previous year’s median of $781,000. As was the case in Q3-2019, the number of homes sold grew, but this time by a margin of 23.71% (from 1,244 to 1,539). Of the areas surveyed, Seattle saw the sharpest decline in inventory, with 30% less homes on the market than in Q4-2018 and just 1.3 months of inventory. The average price per square foot grew by 3.3% from Q4-2018 to Q4-2019, at $440.14 and $456.66, respectively. Just two years ago, single-family homes in Seattle were selling in an average of just 2 weeks. Since then, buyers have enjoyed slightly more favorable conditions, with homes selling roughly 1 month after being introduced to the market.