Lake Forest Park vs. Northeast Seattle
Comparing the upper-tier segments (Lake Forest Park vs. Northeast Seattle) housing market indicates that the upper-tier segment of the Lake Forest Park market reached a 3 year low in March of 2011 while Northeast Seattle’s luxury market reached its 3 year low in late August of 2011.
Both markets have leveled off after brief upward trends (LFP 4 months, NE Seattle 3 weeks) before running out of gas in late summer of 2011.
David Stiff, Fiserv’s chief economist, says cities like Tacoma and Seattle have strong, diverse economies and should fare well over the next two years. Fiserv also reports “despite the gloomy picture for the national economy and housing market, residents of that city, on Washington’s Puget Sound, are in for a 25% increase in home prices by spring 2013.”
Will this trend move further north to Seattle and Lake Forest Park? Typically we don’t have as many sales in the 4th quarter compared to the end of the 1st quarter going into the spring market. This should be worth watching which way the upper-end housing market goes into 2012 to see if the housing recovery has legs.
For more detailed market information contact Adrian Willanger 206 909-7536.
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