Summer season within the Emerald Metropolis is simply beginning to warmth up, however actual property right here has already reached document highs. The most recent information from the Northwest A number of Itemizing Service (NWMLS) exhibits the median worth for a single household house in King County pushed previous $1 million for the primary time in Might, up 10 % from final yr.
Because the Seattle Instances studies, a lot of the pricing strain is from the Eastside, the place the median single household house prices an eye-popping $1.7 million (up 17 %). In Seattle, the median worth for a single-family house is $965,000. That’s up about 6 % from final yr.
As some areas attain new heights, there are nascent indicators of aid on the horizon. Beleaguered consumers, even motivated ones, have a restrict on what they’ll pay.
The NWMLS notes, “For-sale stock ranges have elevated dramatically year-over-year, which ought to assist to stabilize house costs.” Seattle’s stock crept as much as 1.9 months in Might. It’s nonetheless a good distance from being balanced, however we’ll take what we are able to get.
On the identical time, lively listings within the metropolis grew 44 %. To assist entice consumers, virtually 1 / 4 of listings (23 %) took a worth minimize, Zillow just lately reported. Evaluate that to 18 % of listings taking a worth minimize a yr in the past. Even so, closed gross sales elevated (simply) 12 %.
We’ve gathered information for Seattle’s neighborhoods that can assist you put together for regardless of the summer time market has in retailer. You can look forward with a “glass half full” perspective. You can simply as simply view the information as “glass half empty” information. Or, higher but, you could possibly simply drink it. Anyway you take a look at it, Seattle actual property goes to be scorching this summer time, and all of us want to remain hydrated.
Listing ordered by annual worth progress.
Falling
8. Belltown/Downtown
Condos, condos all over the place, however who’s going to purchase them? Even with gross sales up virtually 18 % year-over-year, the town’s core is sitting on six months value of apartment stock. Listings have been up virtually 50 % from final yr, however costs hit one other stoop.
Median worth: $610,000
Yr-over-year worth progress: -7.6 %
Months of stock: ~6 months
7. North Seattle
This space, which incorporates all the things north of Portage and Union Bay, and east of I-5, was one of many busiest in Might. Lively listings have been up 43 % and gross sales jumped 31 %. The median worth stays close to the highest of metropolis neighborhoods, so a 3.5 % low cost in a sought-after space most likely makes it much more fascinating to would-be consumers.
Median worth: $905,000
Yr-over-year worth progress: -3.5 %
Months of stock: 1.2
Rising
6. Ballard/Greenlake
Might was a slog for these fan-faves. Regardless that lively listings have been up almost 45 %, closed gross sales elevated simply 2 % and pending gross sales have been down 8 %. We’ll maintain a watch out for a worth correction in coming months to see whether or not sellers and consumers can agree on worth or if worth cuts are in retailer.
Median worth: $889,444
Yr-over-year worth progress: 2.2 %
Months of stock: 1.4
4. Queen Anne/Magnolia (tie)
A wholesome mixture of single-family properties and condos assist make this ever-popular space thrive. Condominium listings elevated 84 % in Might, and gross sales have been up 31 %. Condominium costs elevated 5.8 % over final yr to $557,000. In the meantime, single-family listings elevated 40 %, and gross sales jumped 70 %. The median worth for a single-family house is the best within the metropolis: $1.4 million. Even at that worth, demand stays sturdy.
Median worth: $1,100,000
Yr-over-year worth progress: 3.3 %
Months of stock: 1.9
4. West Seattle (tie)
This can be one other space to observe for higher alignment of sellers and consumers on worth. Listings elevated dramatically in Might—up 74 %—as did stock. Nonetheless, with all that for-sale actual property, gross sales solely ticked up 16 %. Costs posted an annual improve, however they took a small hit (-3.4 %) from final month. Patrons may have some leverage right here, particularly if properties have been sitting available on the market for some time.
Median worth: $821,240
Yr-over-year worth progress: 3.3 %
Months of stock: 1.5
3. SoDo/Beacon Hill
After a sluggish begin to the yr, these neighborhoods have hit their stride. Lively listings elevated 3 % in Might—the bottom of any neighborhood. However, in comparison with April’s 27 % lower in listings, Might was a giant step in a constructive route. In different excellent news for the realm, gross sales skyrocketed 82 % whereas costs grew virtually 10 %. If that is an space you’re thinking about, it’s possible you’ll want to maneuver shortly to get what you need.
Median worth: $680,000
Yr-over-year worth progress: 9.7 %
Months of stock: 2.2
2. Southeast Seattle
What a distinction a few months make. After beginning the yr in worth decline territory, the market in Leschi, Seward Park, and Mount Baker sprang to life in April. Median worth elevated almost 18 % from the yr prior, and gross sales jumped 30 %. In Might, the median worth posted one other double-digit improve (12 %), however gross sales took a ten % dip, the most important decline of any neighborhood. Value-conscious consumers might have reached the restrict on what they’ll spend.
Median worth: $830,750
Yr-over-year worth progress: 12.2 %
Months of stock: 1.9
1. Central Seattle
General, costs in and round Madison Park and Capitol Hill elevated 19 % in Might. However gross sales have been down 8 % year-over-year, even with quite a lot of property varieties and worth factors. Condos within the space are a number of the most reasonably priced within the metropolis: $550,000. But, they noticed gross sales decline 10.5 %. The median worth for a single-family house is $1,193,000, the second-most costly within the metropolis. Gross sales of these have been down 6 % in Might. With lively listings up 35 %, we’re crossing our fingers for extra stability within the months forward.
Median worth: $915,000
Yr-over-year worth progress: 19.1 %
Months of stock: 2.6
