Things Are Looking Up!

I've just been checking statistics for our zip code from the beginning of the year. The numbers are promising, as there was a bit more activity in January as far as the world's most popular topic, the Real Estate Market, goes.

Currently, there are 150 active listings(that's available homes on the market), broken down into 122 single family homes and 28 condos.

From reading the agent comments, there is currently one short sale on the market right now; there has been one home sold through a short sale in the last 6 months in 98146.  That's pretty good compared to some areas.

A brief explanation before I go further:  Interestingly enough, and of course as you already may know, 98146 includes part of West Seattle, part of Burien, and part of unincorporated North Highline. West Seattle is known as "Area 140" and Burien/Highline is known as "Area 130", for purposes of classifying listings on the Multiple Listing Service.

So:

Average Market time in 98146/Area 140: 100 days

Median price: $400,000          Average price: $521,800

Average Market Time in 98146/Area 130: 59 days

Median price: $283,750          Average price: $272,000 

Furthermore, since 1/1/08 98146 has had 13 sold homes, and 19 homes are currently pending.

The stats support what we already know to be true, that entry-level, starter homes under $300,000 are selling much more briskly than those in the upper price range.  This is due in some part to higher interest rates on jumbo loans(loans over $417,000).  However, we may soon see higher loan limits, set up in tiers; we may also see interest rates go down on jumbo loans in the lowest tier starting at $417,000.

I hope you find this all interesting and not TMI. Let's hope our market continues to improve.