Market Trends: Third Quarter of 2019
Realogics Sotheby’s International Realty presents a look at the housing market trends for the third 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
Buyers truly came off the sidelines as summer turned to autumn, with the number of home sales up by nearly eight percent (from 1,531 to 1,653). Inventory conditions were nearly identical on a year-over-year basis with roughly 1,050 homes for sale and 2.3 months of inventory.
EASTSIDE | SINGLE-FAMILY HOMES
Home prices on the Eastside remained relatively unchanged from the third quarter of 2018 to the third quarter of 2019, at $890,000 and $885,000, respectively. September was a particularly notable month for single-family homes sales on the Eastside, with a spike in median sales price from $860,000 in 2018 to $869,000 in 2019.
SEATTLE | CONDOMINIUMS
The higher levels of inventory in the Seattle condominium market that we reported in the first and second quarters of 2019 continued into the third, with 3.6 months of inventory. This indicates neutral market conditions for buyers and sellers, which have not been felt in the market’s recent past. With more options, home buyers continued to take time before making a purchase, as condominiums spent an average of about six weeks on the market.
BAINBRIDGE ISLAND | SINGLE-FAMILY HOMES
Buyers on Bainbridge Island purchased homes with greater speed than seen in previous years as homes sold in an average of just 19 days—a sharp decline from the 44 days they spent on the market in both Q3-2017 and Q3-2018. Conditions are relatively favorable for both buyers and sellers, with a healthy supply of inventory, at 2.4 months.
For more market trends, read the full report here or contact me today to discuss the implication for homes in your neighborhood.