Home sales in northeast Seattle continue to outstrip supply

Home sales in northeast Seattle  continue to outstrip supply

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).

The median list price in northeast Seattle (zip code 98125) is $349,995  up slightly from the  previous week’s  $349,900.    The Market Action Index (MAI) has been climbing lately while days on market are trending downward, these point to a positive  near-term outlook for the northeast Seattle market.   Check in  next week to see how the housing market in northeast Seattle  is shaping up.

 Recent closed sales in northeast Seattle 

Supply and demand

Home sales in northeast Seattle  continue to outstrip supply and the Market Action Index has been moving higher for several weeks.  This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.    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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Related posts:

1. Home prices in northeast Seattle continue upward trend (20.9)
2. Number of home sales in northeast Seattle up 18% from 2011 (20.1)
3. Northeast Seattle: picking up the home selling pace (17.6)
4. Tightening real estate inventory in northeast Seattle (16.7)
5. Northeast Seattle: home sales have been exceeding new inventory (16.4)