The other day we referenced a Seattle Times article addressing the fact that the number of homes for sale in Seattle is way down from this time last year. I wanted to see how West Seattle’s numbers stacked up to the rest of Seattle, and we are definitely “a statistic” on this front: In February 2011 there were 430 Active residential properties on the market in West Seattle, and if you include condominiums, that number goes up 133 units, to 563. February 2012 tells a rather different story: 238 Active residential properties, and 314 if you include condos. In both scenarios, the number of properties for sale is down about 44%, a significant decrease.
As the author of the Times article mentioned, this appears to be stabilizing prices: West Seattle residential sales prices have nudged up just shy of 1% over this time last year: the median sale price from 2/11 to 2/12 went up exactly three thousand dollars, from 304K to 307K. The average sale price of a home is down from last year, but medians tend to paint a more accurate picture in real estate statistics, since averages are easily thrown off by extremely inexpensive and/or extremely high end sales.
This shrinkage in inventory means well-priced homes in desirable locations are selling quickly, and often attracting multiple offers. Check out the extremely fast contract times for some recent listings in West Seattle:
This 1360 sf townhome in Admiral was listed Feb. 13th for 279K, & went under contract 3 days later.
This cute 2 bd/1.5 ba in Gatewood was listed for 399K on March 2nd and went under contract after only 2 days.
This gorgeous, 2006 built, 4bd./3.5ba home in Seaview came on the market for $769,500 on 2/29, and went under contract after only 4 days on the market.
This cute starter home in Seaview, not far from the Alaska Junction barely lasted 24 hours on the market! Listed at $304,950, it has 2 bds/1.5 ba and 1620 square feet. Came on the market Feb. 13th and went Pending Inspection on Valentine's Day.
Just down the street from there, this 2bd/1.5ba in Seaview, with 1156 sf came on the market for 319,500 on 2/15, and also went under contract in one day.
This sweet, 3bd/1ba 1880 sf. home in Fauntleroy was listed at $319,500 on Feb. 21st and went under contract within 4 days.
Up in Belvidere, this 4bd/2.5ba went under contract before we even had a chance to see it! Listed for 475K on 2/16, this 2390 sf cutie was gone in 3 days.
This estate sale in Genessee didn't last long either: 3bd/2.75ba, 2680 sf., listed at 559K, listed 2/15 and under contract 3 days later
This gorgeous view home in Gatewood was listed at $774,950 on Feb. 15th and went under contract on the 21st, a very quick sale given the price range. Four bd/2.5 ba and 2710 sq. ft. Saw this one in person and it was pretty!
These are some of the more poignant examples of quick sales in West Seattle so far this year, but the bottom line is, inventory is way down, so remember that when a well-priced, well-maintained, and well-located home comes on the market, chances are it's not going to last long.
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