Q2 Market Update: Seattle (Central)
Second quarter stats are in for Seattle (Central) which comprises a diverse patchwork of both affluent and middle-income neighborhoods northeast of downtown. Some, including Madison Park, Denny Blaine and Leschi, offer frontage on Lake Washington; but Capitol Hill and Madison Valley are also included.
As in other areas in King County, inventory is on the rise in the Seattle (Central) region. On a quarterly basis, inventory grew just over 30% compared to the second quarter of 2017, while months of inventory based on closed sales in June 2018 was 1.4 months, up 28.2% compared to May 2018 and 53.2% on a year-over-year basis. Despite more homes available on the market, the number of sales remained steady from Q2-2017 to Q2-2018, at 274 and 273, respectively.
The number of home sales in Seattle (Central) remained virtually unchanged from the second quarter of 2017 to the second quarter of 2018.
Average sales prices continue to climb higher, settling at $1.377M in Q2-2018, a 26.2% gain from the Q2-2017 average of $1.091M; each month throughout the second quarter of this year saw price gains exceeding 20-percent on a year-over-year basis. In line with growing home prices, the average price per square foot likewise increased, up to $601.51 in Q2-2018 from $493.12 this same time last year—a 22% increase.
On a year-over-year basis, average sales price gains exceeded 20% in every month of Q2-2018.
Homes in the Seattle (Central) region continue to sell within short periods of time, as the days on market in the second quarter of 2018 averaged 18 days, up 1 day from the second quarter of 2017.
Numbers were calculated using the designated NWMLS Area 390 (Central Seattle, Madison Park, Capitol Hill). Data from sources deemed reliable but cannot be guaranteed. E&OE.
Waterfront homes continue to stand as a coveted opportunity in the Seattle (Central) region, as a recent waterfront update released by Realogics Sotheby’s International Realty covering statistics from January 2018 to May 2018 reveals an average selling price of $1.8M and an average price per square foot of nearly $500. Trends noted in the northern sub-region of Seattle are perhaps even more relevant here: single-family homes along the shores of Lake Washington are infrequently sold. There are only a small handful of such sales between Foster Island and Seward Park annually, while condo sales are somewhat less rarely seen. When they do hit the market, these homes are highly valued: and once sold, they might remain in family estates for generations. Sales on Lake Union and South of Seward Park are more frequent.
The average waterfront single-family home price in this sub-region rose at a declining rate from 2014 through 2016. In 2017, the average price settled back a bit and is now gaining in the 2018 waterfront selling season, which is far from over as of the date of this report.