Tightening real estate inventory in northeast Seattle
Northeast Seattle closed out 2012 with an 18% increase in the number of home sales from 2011. The average selling price increased from $350,894 in 2011 to $367,640 in 2012. Sellers also received more of their list price in 2012 (99.07% average compared to 2011′s 97.5% average of their list-t0-sale price).
This weeks real estate trends in northeast Seattle
The median list price in northeast Seattle (zip code 98125) is $349,945 unchanged from the previous week’ $349,950. Active listings market times have decreased slightly to an average of 139 days. Inventory has been tightening lately and the Market Action Index has been trending up. These are mildly positive indications for the market. Check us out next week to see how the housing market in northeast Seattle is shaping up.
Supply and demand
Home sales in northeast Seattle have been exceeding new inventory for several weeks. Since this is 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. Looking to buy or sell contact Adrian Willanger for a more detailed market analysis.
The real story in northeast Seattle real estate is the shortage of homes for sale. In December 2012 there were 32 homes for sale in northeast Seattle compared to the same period a year earlier where there were 72 homes for sale.
How does this affect prices?
We continue to see prices in northeast Seattle bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels. Broker’s note; “over the last several weeks we’ve seen homes come on the market in northeast Seattle and within a very short period of time receive multiple offers.”
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