Market Trends From Around The Sound: Q2-2023
Building upon the Q1-2023 data, the present Western Washington real estate market maintains its cooler demeanor compared to the same period last year. The impacts of inflation and rising interest rates continue to exert a moderating influence on the market. The unprecedented surge witnessed in early 2022 has now transitioned into a more stable environment, marked by a decrease in frenzy. While it remains a seller’s market, buyers are adopting a more measured approach, taking additional time to deliberate their decisions. In such a dynamic landscape, having a Realogics Sotheby’s International Realty global real estate advisor by your side ensures that you receive the utmost expertise and guidance, leading to optimal outcomes in today’s market.
Bainbridge Island | Single-Family Homes
Although the average months of inventory did increase from the low 0.9 months of Q2-2022 to 1.5 months in Q2-2023, this average still signifies a seller’s market. This further indicates that the slower market pace we saw towards the latter half of 2022 and continuing throughout this year has had an effect, but still has not turned buyers away from their Bainbridge Island home searches.
Kitsap County | Single-Family Homes
(Excluding Bainbridge Island) Although fewer sellers and buyers entered the market, those that did decide to proceed with their real estate goals sold and purchased at similar price points to last year. The median sales price for Q2-2023 was down 4.6% to $525,000 and the average price per square foot was down 6.5% to $283.
Seattle | Single-Family Homes
Seattle’s single-family residence market saw an overall decline in price, demand, and listings. Still, none of these declines were significantly concerning, especially considering the overall state of the region’s and nation’s market compared to last year’s second quarter.
Eastside | Single-Family Homes
Inventory sat on the market significantly longer at an average of 21 days in contrast to Q2-2022’s average of seven days, with the number of homes sold down 32% year over year, further indicating the dip in demand.
Mercer Island | Single-Family Homes
Demand for this coveted Eastside location is constant, although buyers are considering their home-purchasing decisions for over four times as long as last year; homes were on the market in Q2-2023 for an average of 31 days versus seven days during Q2-2022.
Seattle | Condominiums
Even with the smaller amount of supply, it appears that demand is also at a low, with inventory sitting on the market for an average of 32 days. However, the median sales price increased by 6.52% to $539,000, proving that interested buyers are still willing to pay for the desirable in-city, lock-and-leave lifestyle that Seattle condominiums offer.
King County | Single-Family Homes
On average, homes were on the market almost three times longer than in Q2-2022. While the home inventory and price per square foot decreased since this time last year, it remains a seller’s market with months of inventory at 1.3, the same as 2022.
Pierce County | Single-Family Homes
There was minimal change year-over-year in Pierce County’s median sales price and average price per square foot. The median sales price dropped 6.3% to $539,000, and the average price per square foot dropped 5.8% to $295 per square foot in Q2-2023.
Snohomish County | Single-Family Homes
Fewer homes sold year over year, and fewer homes were listed, showing that although there was minimal change in property values, there was a substantial change in solely the number of buyers and sellers who chose to participate in the market in Q2-2023.
Skagit County | Single-Family Homes
Skagit County experienced the most nominal change in the median sales price and average price per square foot of all the regions we’ve analyzed in our report. Given the significant market shift over the past year, this is no small feat.
Island County | Single-Family Homes
Although sellers have had to adjust expectations on how quickly their home will sell, compared to last year’s second quarter, there was a very minimal decrease in the median sales price, down just 2.9% to $573,000—which meant brokers armed with a competitive pricing strategy were successful in selling their client’s property for a great price within a reasonable timeframe.
Whatcom County | Single-Family Homes
Whatcom County’s market experienced a year-over-year decrease in median sales price from $648,000 in 2022 to $600,000 in Q2-2023. However, compared to Q2-2021’s median sales price of $545,000, the decrease seems to be more of a correction than a sign of dwindling interest in buying in the northwestern county.
