2018 Seattle Real Estate Market in Review

Here are the highlights for last year’s Washington State real estate market produced by the Northwest Multiple Listing Service:

CLOSED SALES $47.2 billion including single family homes & condos

MEDIAN CLOSED SALES $402,000 with the highest range for King County $620,000 & $154,000 for Ferry County.

INVENTORY BELOW “BALANCED MARKET” Overall supply under 1.8 months which is well under buyer’s demand.

HIGHEST PRICE Among the 23 counties, King County had the highest median price for Single Family Home at $680,000, a gain nearly 8.5% from the previous year.

NEW CONSTRUCTION Newly-built homes accounted for 12% of sales in 2018.

PEAK ACTIVITY TIME New listings and pending sales peaked in May and June had the highest volumes of closed sales.

PRICE & SCHOOL DISTRICTS In 2 school districts, median single home prices topped $1M led by Mercer Island at $1.7M and Bellevue at $1.2M.

LUXURY SALES MLS members sold 6,101 family homes priced over $1M or higher including 61 that sold over $5M. The most expensive home was in Medina and closed for $26,750M. More than 400 condos sold over $1M with the 3 most expensive in Kirkland.

NWMLS MEMBERS This report reflects the work of 31,700 brokers in 2300 member offices.

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