Seattle Home Prices Fall Slightly in February
After unexpected growth in January from neighborhoods like Queen Anne and Magnolia (66.44 percent year over year), West Seattle (15.15 percent), and Central Seattle (11.57 percent), it's tempting to be more optimistic about February. (Rents did go up that month.)
Sorry, but it's time to give that bubble a pop. The latest numbers from Northwest Multiple Listing Service show Seattle home sale prices were down 1.32 percent overall compared to the same month in 2022. Still, there were some surprises.
2. Central Seattle
Last month, this area encompassing the likes of Madison Park and Capitol Hill was up more than 11 percent. The gains aren't as significant this month, but compared to the rest of the city, it's pretty darn good.
February 2023 median sale price: $850,000
Price growth year-over-year: 6.9 percent
Months of inventory: 2.45
1. Queen Anne and Magnolia
Year-over-year price growth like this is the stuff of the pandemic-era real estate market. But don't get too excited just yet. These neighborhoods rely heavily on big-ticket single-family home sales to boost their median price. A few mega sales might be the reason behind this double-digit percentage leap.
February 2023 median sale price: $848,500
Price growth year-over-year: 34.68 percent
Months of inventory: 2.33
4. Ballard and Greenlake
Consistent favorites Ballard and Greenlake have the double curse of tight inventory and a year-over-year drop. In the end, it might all come down to price and buyers who can afford it.
February 2023 median sale price: $794,310
Price growth year-over-year: -6.44 percent
Months of inventory: 0.97
3. Belltown and Downtown
The good news: It's not the -20.88 percent year-over-year plunge like it was in January. The bad news: It's still in the negative. Seattle's core has had quite the struggle in terms of housing price growth, but there's got to be a bottom somewhere, right?
February 2023 median sale price: $631,000
Price growth year-over-year: -6.97 percent
Months of inventory: 3.92
2. West Seattle
One of January's winners at 15.15 percent growth, West Seattle now finds itself on the losing end. Inventory has tightened slightly, too, which may cause those prices to inch upward again...or spell trouble.
February 2023 median sale price: $665,000
Price growth year-over-year: -7.32 percent
Months of inventory: 1.03
1. Southeast Seattle
The inventory here is one of the highest in the city, yet only 23 sales closed in February. That may indicate the pandemic-fueled growth in Leschi, Seward Park, and Mount Baker is most definitely over.
February 2023 median sale price: $569,000
Price growth year-over-year: -24.23 percent
Months of inventory: 3.26