Puget Sound Market Trends: Q4-2017
Seattle continued its reign as the hottest market into the fourth quarter of 2017, as the latest market statistics indicate that home prices increased a staggering 16.7% year-over-year to $882,000. This comes as the latest S&P/Case-Shiller Home Price Index reveals the Emerald City's home price growth has led the nation for 14 consecutive months. According to Yahoo Finance, Seattle was the hottest real estate market of 2017.
Reported gains reached double digits in all of the markets outlined, as the average sales price on the Eastside increased 11% and Bainbridge Island rose by 14.8% compared to Q4-2016.
Want to know what your home is worth? Dive into the Q4 reports below:
Seattle home prices continued to reach far beyond expectation in the fourth quarter of 2017, as the median sales price of single-family homes reached $882,000, up slightly compared to last quarter and 16.7% compared to last year.
The number of homes sold in 2017-Q4 decreased slightly from 2016, a symptom of the 0.6 months of inventory. Market conditions have pushed buyers to purchase quickly, as homes spent an average of 19 days on the market.
Condominiums in Seattle continue to be popular among buyers, as the average days on market in Q4-2017 was 16 days, up 1 day from the previous quarter but a staggering 50% lower compared to last year. Inventory wanes at just 0.4 months, a decrease of over 30% from 2016-Q4.
The city's same-quarter condo sales and average sales price were both up by just over 10% from 2016, as 567 homes sold at an average of $503,000.
The Eastside saw impressive gains in 2017-Q4, as the number of homes sold remained relatively steady compared to Q4-2016. The average sales price increased 11% year-over-year, while days on market plummeted nearly 1 week to 26 days.
A shortage of homes available continues on the Eastside, as inventory was down to just 0.8 months, a decrease from last quarter’s 1 month of availability. As has been the case in previous quarters, the average list price increased year-over-year by 12.2%.
Bainbridge Island continues to attract buyers, as the number of homes sold was up slightly from Q4-2016 despite a sharp 32.9% inventory decrease. Fierce competition paired with a lack of inventory is driving up prices, as the median sales price rose 14.8% to $972,000.
Though the Island saw a rare inventory increase earlier in 2017, it continued a downward trend in the fourth quarter at 1.6 months, with homes spending just 47 days on the market.