1st Quarter Market Report
The Seattle real estate market has experienced steady growth over the past decade, driven by factors such as a strong job market, influx of tech companies, and desirable quality of life. However, like many other metropolitan areas, Seattle has not been immune to the impacts of the COVID-19 pandemic, which temporarily slowed the market. Nevertheless, it has shown remarkable resilience, bouncing back quickly and continuing its upward trajectory. In April 2023, concerns about inflation have become more prominent. Inflation occurs when there is a sustained increase in the general price level of goods and services in an economy. Rising inflation can have an impact on the real estate market, affecting both buyers and sellers.
As with any investment, it is important to monitor economic trends and seek professional advice before making any decisions. However, based on the current state of the Seattle real estate market, it appears poised to weather the potential storm of inflation and continue its upward trajectory in the months to come.
Q1 2023
State Of The Market
Market Trends From Around The Sound
If you are following the headlines, you are aware of the news - inflation and rising interest rates cooled the market in the latter half of 2022. That slow pace carried into the first quarter of the year, and while the headlines might suggest the housing market has been in a slump, many areas have simply not seen the rocketing (and in many cases, unsustainable,) growth that marked the pandemic-era housing boom. As a result, the median sold price for single-family homes stayed relatively flat year-over-year. Many experts have suggested that Q1 saw the bottom of housing prices, however, if you’re working with a Realogics Sotheby’s International Realty global real estate advisor, their expertise in selling and buying will assure you the best results possible in today’s market.
It is Wise to Keep an Eye on the Trends
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Seattle | Single-Family Homes
The amount of inventory crept up from 0.4 months to 1.7 months year over year, but it remains a seller’s market.
Eastside | Single-Family Homes
The Eastside saw some of the region’s biggest changes, with a Q1-2023 median sales price of $1.345 million, a 21.7% drop from last year’s $1.568 million.
Mercer Island | Single-Family Homes
While the number of homes available for sale is up significantly, the number of homes sold in the first quarter of 2023 is identical to the number of homes sold in the first quarter of 2022.
Bainbridge Island | Single-Family Home
Sales prices did drop to a median of $1.18 million from Q1-2022’s $1.352 million, but they’re still slightly higher than they were in Q1-2021.
Seattle | Condominiums
Listings were on the market for an average of 58 days, which is higher than Q1-2022’s 35 days, but in line with Q1-2021’s figure.
Choosing a professional real estate broker with superior marketing, property presentation, and negotiation skills is essential in this market. As a Realogics Sotheby’s International Realty knowledgeable broker, I am here to help you navigate the ever-changing market, ensuring that you make the best decision for your investment, lifestyle, and home.
Whether selling or buying, I'd love to guide you through your next real estate journey. Reach out today!