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QUARTERLY REPORT Q1 2018


S E AT T L E R E A L E S TAT E M A R K E T The first quarter of 2018 compared to Q1 of 2017 saw median sales prices up more than 16% for both single-family homes and condominiums. Interestingly, sales of single-family homes are down 13% while condominium sales are up 17%. The significant factor is the increase in downtown condominium inventory which is up 31%. This increased inventory will no doubt drive Q2 sales in the downtown area. Still, the low inventory throughout Seattle should continue to benefit sellers as buyers vie for available properties. Robust job growth and demand for housing continue to outpace supply throughout Seattle, especially in downtown neighborhoods most centric to the job hub. Job growth however, does not mean income growth. We will be watching sales prices closely in Q2, as unprecedented sales price increases outmatch income growth. Prices will moderate, if for no reason other than income restriction. Interest rates for a 30-year fixed-rate mortgage have increased from a historic low of 3.8% in September 2017 to 4.4% in March 2018. While interest rates are still incredibly low and are not likely to have a significant impact on the market in the short term: double-digit price growth, interest rates trending upward, and limited income growth will eventually impact the rising sales prices.

MEDIAN SALES PRICE

$791,000

1,951 NEW LISTINGS

17 %

CHANGE IN MEDIAN SALES PRICE

$

441 AVERAGE PSF

1,365 SOLD LISTINGS

M A RK E T S H A RE O F COM PA N Y By Volum e REPRESENTING BUYERS

REPRESENTING SELLERS 30%

27%

WINDERMERE

7%

JOHN L. SCOTT

8%

KELLER WILLIAMS

8%

RE/MAX

7% 4%

5% 9% 5%

COLDWELL BANKER

8%

REDFIN

8%

Companies not shown represent less than 4% of Buyers and Sellers


S E AT T L E N E I G H B O R H O O D S Downtown Seattle | Belltown Downtown

Q1 2018

YoY% 17%

Average Sale Price

$839,333

$981,333

Median Sale Price

$620,667

$686,667

11%

$804

$940

17%

Number of Sales

123

144

17%

Days on Market

44

48

9%

Q1 2017

Q1 2018

YoY%

Average Sale Price

$1,068,333

$1,250,000

17%

Median Sale Price

$890,000

$1,084,333

22%

$488

$514

5%

Number of Sales

135

108

-20%

Days on Market

34

38

12%

Average PSF

Queen Anne | Magnolia Uptown

Average PSF

RESIDENTIAL

Ballard | Green Lake | Fremont | Wallingford Q1 2017

Q1 2018

YoY%

$750,667

$842,667

12%

Median Sale Price

$725,667

$810,667

12%

$406

$460

13%

440

367

-17%

19

12

-40%

Average PSF Number of Sales Days on Market

Ravenna | Northgate | Laurelhurst Q1 2017

Q1 2018

$872,000

$989,667

13%

Median Sale Price

$719,333

$885,000

23%

$400

$454

14%

Number of Sales

217

188

-13%

Days on Market

24

16

-34%

Average PSF

Mt Baker | Leschi | Columbia City | Seward Park Q1 2017

Q1 2018

YoY%

$754,333

27%

Median Sale Price

$554,333

$662,667

20%

$313

$363

16%

Number of Sales

176

144

-18%

Days on Market

34

33

-3%

Beacon Hill | SODO | Georgetown Q1 2017

Q1 2018

YoY%

$533,333

$658,333

23%

Median Sale Price

$553,667

$645,667

17%

$293

$370

26%

Number of Sales

82

114

39%

Days on Market

43

22

-50%

Average PSF

Capitol Hill | Central District | Madison Park Q1 2018

YoY%

Average Sale Price

$946,667

$1,084,333

15%

Median Sale Price

$811,333

$933,000

15%

Average PSF

$461

$517

12%

Number of Sales

192

161

-16%

Days on Market

34

19

-44%

Q1 2017

Q1 2018

YoY%

Average Sale Price

$573,667

$738,667

29%

Median Sale Price

$548,000

$690,333

26%

$316

$394

25%

323

283

-12%

27

26

-5%

West Seattle West Seattle

Average PSF Number of Sales Days on Market

22% Central

$933,000 15%

Downtown

$686,667

11%

Southeast

$662,667

20%

Southwest

$645,667

West Seattle

17%

$690,333 26%

12-Month Change in Employees in Seattle

RESIDENTIAL

Q1 2017

Central

Uptown

$1,084,333

RESIDENTIAL

Average Sale Price

Southwest

23%

RESIDENTIAL

$596,000

Average PSF

$885,000

YoY%

Average Sale Price

Southeast

Northeast

12%

RESIDENTIAL

Average Sale Price

Northeast

Northwest

$810,667

RESIDENTIAL

Average Sale Price

Northwest

MEDIAN SALES PRICE | YOY %

CONDOMINIUM

Q1 2017

22,593

22,666

20,720 19,771 16,830

RESIDENTIAL

11,621

2013

2014

2015

2016

2017

2018

SOURCES Puget Sound Regional Counsel Bureau of Labor Statistics - U.S. Department of Labor


PHOTO LOCATION Seattle Pacific Science Center Amazon Campus

I N O U R OW N B AC K YA R D

THE SPHERES “Our goal with The Spheres was to create a unique gathering place where employees could collaborate and innovate together, and where the Seattle community could gather to experience biodiversity in the center of the city.” John Schoettler Amazon Vice President of Global Real Estate and Facilities From The Spheres Blossom at Amazon’s Urban HQ in Seattle January 29, 2018 Press Release

Neighborhood Parks & Botanical Gardens

Washington Park Arboretum

Volunteer Park

University of Washington

Capitol Hill

Discovery Park

Seattle Chinese Garden

Magnolia

West Seattle

Windermere Real Estate Wall Street Group OFFICE LOCATIONS Downtown Seattle

Magnolia

Queen Anne

West Seattle

2420 2nd Ave Seattle, WA 98121

3214 W McGraw St #102 Seattle, WA 98199

214 W McGraw St Seattle, WA 98119

4526 California Ave SW Seattle, WA 98116

JOHN WELLMAN

Owner | Designated Broker LiveLoveOwnSeattle.com

206.240.2563 206.448.6400 JohnWellman.withwre.com wallst@windermere.com jwellman@windermere.com

LIVE LO V E OWN

WALL STREET GROUP

Copyright © 2018 Windermere Real Estate / Wall Street Inc. All rights reserved. LIVE | LOVE | OWN ® is a registered trademark of Windermere Real Estate / Wall Street Inc. Wall Street Group is a trade name of Windermere Real Estate / Wall Street Inc. Statistics provided by the Northwest Multiple Listing Services are deemed accurate, but not guaranteed. Components and percentages may not precisely reflect the absolute figures, due to rounding. All information is provided for marketing purposes only and should be independently verified. If you are already working with an agent, this is not intended to solicit that business.

Q1 2018 Report | Seattle  

Live | Love | Own - Metro Seattle Market Report for Q1 2018. Windermere Real Estate Wall Street Group.

Q1 2018 Report | Seattle  

Live | Love | Own - Metro Seattle Market Report for Q1 2018. Windermere Real Estate Wall Street Group.