Northwest Seattle’s real estate list prices inch up
The median list price in northwest Seattle this week is $592,475,000 up from last weeks $559,000. Inventory in northwest Seattle has been lightening lately but the Market Action Index has been trending up. Though days-on-market is mounting, these are mildly positive indications for the market. Inventory levels have continued trending downward since July.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. Since this a Buyer”s market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller”s zone, and we are likely to see upward pressure on pricing.
Price
We continue to see prices in northwest Seattle hovering around these current levels, even though they bumped up a bit this week. Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.
Localized real estate market reports are great for getting a “feel” of what that specific market is doing. For a more accurate pricing on residential property a Competitive Market Analysis (CMA) needs to be done comparing your home with current properties that have sold recently in your neighborhood. Real estate broker John McCormick gives a very good description of the difference between a market report CMA. Read full article.
Living in Northwest Seattle
The Northwest corner of Seattle has some of the very best views of Puget Sound and the Olympic Mountains and amazing sunsets. Homes listed for sale in four communities within the 98177 zip code are Blue Ridge, Broadview, and the The Highlands, Innis Arden and Richmond Beach.
Physically the Northwest Seattle region looks lake a destination area, with it’s western border being Puget Sound these neighborhoods with the Northwest region take-on a destination feel to them. Which lends itself to the attractiveness and popularity of this region in Seattle. The northwest area is filled with public parks that are great for day hiking, picnics and field trips for the kids.
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| Median List Price: | $579,843 | Average List Price: | $932,254 |
| Total Inventory: | 99 | Price per Square Foot: | $220 |
| Average Home Size: | 2,924 | Median Lot Size: | 10,382 |
| Average # Beds: | 3.84 | Average # Baths: | 2.68 |
| Homes Absorbed: | 8 | Newly Listed: | 4 |
| Days on Market: | 151 | Average Age: | 48 |
Related posts:
- Northwest Seattle real estate listing continue to trend downward (22.2)
- Bothell real estate list prices up slightly to end the year (20.1)
- Seattle's Northwest real estate market update (19.1)
- Magnolia list prices up slightly (15.8)
- Northeast Seattle real estate: median list price flat, listings down, days on market up(15.4)
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