The Seattle real estate market is vast and it is so hard to cover the state of the real estate market in broad statements. So today we take a look at townhouses in Seattle.
Average Sales Prices:
Average sales prices for Seattle townhouses grew 14% in 2015. Townhouses are becoming the new norm in Seattle as the City struggles with population growth, the need for increased density and affordable housing. Demand for townhouses is predicted to continue to be high for the next 3 –5 years.
Active Properties & Homes Under Contract:
Notice that the number of pending townhouses starts to exceed the number of active listings in the start of 2015? While Ballard has had a lack of inventory (as indicated by the pending listings exceeding the active listings) for over 3 years, we didn’t start to see the Seattle townhouse market inventory start to tighten until early 2015.
The fact that demand is still greatly exceeding inventory indicates that we are still in a strong sellers market.
When looking at townhouses citywide, we see a fairly consistent number of townhouses sold year over year. Seattle has 1,279 townhouses sell in 2014 and 1,406 sold in 2015. So far in 2016, there have been 543 townhouses sold.