How Did the Seattle Real Estate Market Start 2023?

Blog
Written By Erin Alexander

SOURCE: Seattle Met
Let’s just say one neighborhood saw its median sale price jump by $370,250 compared to the same month last year.

IT WAS THE TALE of two real estate markets to close out 2022. Seattle saw some surprising growth while the Eastside was the biggest loser. January still counts as a “slower” winter month when it comes to real estate activity, but the latest numbers from Northwest Multiple Listing Service might raise some eyebrows just the same.

RISING

3. Central Seattle

The area encompassing the likes of Madison Park and Capitol Hill had a robust showing in January, especially considering inventory is relatively high compared to the pinched pandemic-era inventory that marked January of 2022. 
January 2023 median sale price: $820,000
Price growth year-over-year: 11.57 percent
Months of inventory: 3.42

The bridge is back, and West Seattle appears to be in high demand.

2. West Seattle

Active listings were up 179.07 percent in January compared to the same month last year—that’s 120 listings versus 43. Still, with one of the lowest inventories in Seattle proper, buyers might actually find themselves in a bidding war for a particularly desirable property.
January 2023 median sale price: $745,000
Price growth year-over-year: 15.15 percent
Months of inventory: 1.71

1. Queen Anne and Magnolia

A year ago, the median sale price was $557,250. Now just add $370,250 to get to this year’s number. Although that eye-popping year-over-year growth brings back shades of Covid’s cutthroat real estate competition, it doesn’t tell the full story. Queen Anne and Magnolia rely heavily on pricey single-family home sales to boost their numbers, and in January, the median sale price for those types of properties was $1,200,000.
January 2023 median sale price: $927,500
Price growth year-over-year: 66.44 percent
Months of inventory: 2.52

Sure, the downtown core and Denny Regrade have fanciful architecture like the Spheres. But the appeal doesn’t show up in the housing market.

FALLING

2. SoDo and Beacon Hill

Although these South Seattle neighborhoods saw a decline in median sale price amid bountiful inventory, homebuyers can take heart. Only 10 sales closed here in January 2023, while 31 did back in January 2022. That difference might just have skewed that year-over-year growth a touch.
January 2023 median sale price: $627,500
Price growth year-over-year: -10.36 percent
Months of inventory: 4.6

1. Belltown and Downtown

Just like rents, the city’s core has continued an unenviable streak of year-over-year declines—seven months in a row, in fact. It’s also the third month in a row when Belltown and Downtown saw double-digit percentage point drops. 
January 2023 median sale price: $542,000
Price growth year-over-year: -20.88 percent
Months of inventory: 7

SOURCE: Seattle Met

Erin Alexander

At Finally Social we are a marketing one stop shop for Real Estate agents, Mortgage Brokers and Coaches. We create/audit Social Media Platforms, SM Posting, design & maintain websites, email marketing, branding, & logos. Also marketing collateral: custom images, publications, brochures, flyers, postcards, & magazines.

Erin Alexander is the CEO and founder of FinallySocial.com, a social media and online marketing agency that helps business owners to grow their brand, generate quality leads and convert those leads into profits from social media marketing.

With experience in digital advertising experience, Erin's proven strategies, have helped business owners to effectively get in front of the right customers and clients to significantly grow their bottom line.

Finally Social offers website designs to small business owners as well as create or define their social media platform. We also offer individual services: Newsletters, Web Sites, Visual Tours, Postlets, Listing Flyers, YouTube, Follow Up Process, Update sales on Zillow and Trulia, and Referrals.

Being an active member in her community, Erin loves connecting other business owners, referral partners and non-profits in her local community.

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