How did the Real Estate Market in 2019 compare to 2018? Check out our December 2019 NW Seattle Real Estate Market Update
Whether you’re in the market or not, people are always curious how the Seattle real estate market is doing.
It has definitely been an interesting market for the past two years, some neighborhoods went up in value and others went down. How did your neighborhood do? It has been an interesting ride for real estate in Seattle. We tend to focus on Northwest Seattle, so these are the stats that we’re talking about today. We want to do a quick comparison of 2018 to 2019.
Home values did come down about 3.6% in Northwest Seattle. Different neighborhoods did fare differently, North Beach, Wallingford, Whittier Heights, actually went up a tad, while other neighborhoods such as Ballard, Green Lake, Greenwood, those came down. Curious how the home values in your neighborhood in Northwest Seattle fared in 2019? Click here to download our appreciation map.
More homes sold in 2019 than in 2018 and inventory levels were higher throughout the year in 2019. While we’ve technically been in a sellers’ market in Northwest Seattle since 2011, this past year has felt like a balanced market. Buyers were happy because inventory level were higher, giving them more choices and less chances of having to be in a bidding war. And sellers were happy because homes were selling quickly, and on average for about 100% of their asking price.
We ended the year strong. December was a much more robust market than we had previously seen. Inventory levels were down by quite a bit. However, buyers were still out in force. So, we had a very simple supply and demand issue, we had a lot of demand, but not a lot of supply. This made our absorption rate of pending properties jump from 94%, which was already a really great number, in November, to 111% in December. In 2019, we averaged an absorption rate of a little over 78%.
As we’ve been saying all year, our real estate market has been changing to a more balanced market. The market changes from month-to-month, some months being more robust and others more slow.
We continue to feel that our Seattle real estate market is great for both buyers and sellers.
Curious how the real estate market affects you personally? Give us a call. We’re here to help in anyway we can. We are Steve and Sandra, Elevated service, Elevated results.