The Seattle real estate market shows no signs of slowing its hot streak of growth due to high demand, limited inventory and significant development projects that are snapped up almost immediately after completion. We are at the top of the list of major U.S. cities with the highest home price increases:
“The Seattle metro right now we are seeing it’s the second fastest moving market among the large markets in the U.S. with almost 12 percent annual home value appreciation,” said Zillow Chief Economist Svenja Guddell, after the company issued a new market report.
Average sale prices are distinctly higher this year for both residential home sales, exemplifying the local market demand.
In November 2017, residential home sales were more than double those from this month last year; 461 homes were listed last month, while 221 homes were put on the market in November 2016. Average sale prices were also more than double this year, with an average home sale of $800,000 as compared with the $390,000 average in November 2016. Top home sale prices are much more variable, and the highest-priced home to sell last month was $6,200,000. Last year in November, the highest sale price was $8,000,000, with the next highest home sold that month priced at $2,804,000.
There were significantly fewer listings for condominium sales this November as compared with the same month last year. In 2016, 451 condos were put on the market, while 221 were listed in November 2017. The average sale price for condominiums sold in November 2017 dropped $209,000 from last year, to $470,000 from $679,000. The highest-priced condo sold last month was $2,800,000, down $1.5 million from the highest-priced condo sold in November last year: $4,300,000.
Seattle offers a total of 363 active listings and 634 listings pending sale.
With such a highly competitive market, professional knowledge and guidance is crucial when you’re looking for your new home in Seattle. Our team of experienced, customer-focused brokers and leasing agents can help you navigate the process and find your next dream home. Contact us to get started!
This data is pulled from the NWMLS including neighborhoods Arboretum, Ballard, Beacon Hill, Belltown, Belvedere Terrace, Bitter Lake, Blue Ridge, Broadmoor, Broadview, Broadway, Capitol Hill, Cedar Park, Central Area, Columbia City, Crown Hill, Denny Blaine, Downtown, Dunlap, East Union, Eastlake, First Hill, Fort Lawton, Fremont, Georgetown, Green Lake, Greenwood, Haller Lake, Hawthorne Hills, Interbay, International District, Iverness, Jackson Park, Jefferson Park, Judkins, Lake City, Lake Union, Laurelhurst, Leschi, Licton Springs, Loyal Heights, Madison Park, Madison Valley, Madrona, Magnolia, Magnolia Bluff, Maple Leaf, Matthews Beach, Meadowbrook, Montlake, N. Beacon Hill, North Beach, North Capitol Hill, Northgate, Olympic Hills, Olympic Manor, Phinney Ridge, Pinehurst, Pioneer Square, Portage Bay, Queen Anne, Ravenna, Roanoke Park, Roosevelt, Safeco Field, Sand Point, Seattle, Sodo, South Lake Union, Sunset Hill, The Highlands, Times Square, University District, Victory Heights, View Ridge, Wallingford, Washington Park, Wedgwood, Westlake, Whittier, Windermere, and Woodland Park.