Northwest Seattle real estate: low inventory levels is the real story

 

Northwest Seattle real estate: low inventory levels is the real story 

 

This Week:

The median list price in Northwest Seattle is $674,5000  is up  from last week’s $650,00.  Inventory has been lightening  lately and the  Market Action Index (MAI see chart below) has been been trending up.  Though days-0n-market is increasing, these are mildly positive indications for the market. 

 

Supply and Demand

Home sales in the last few weeks has achieved a relative stasis point in terms of sales to inventory.  However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI.  If the market heats up, prices are likely to resume an upward climb. 

Percent of properties with price decreases: 28% down from last week’s 39%.  Average days-on-market 144up from last week’s 142days.

Percent of Flip (price increased) 7%

Price

We continue to see prices in the Northwest Seattle bounce around this plateau.  Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Localized real estate market reports are great for getting a “feel” of what that specific market is doing.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  needs to be done comparing your home with current sales.

With all of the current news regarding the real estate market in the Puget Sound area it is still a market filled with some headwinds and uncertainties. Home sellers must continue to must continue to look at all the above factors when evaluating offers on their property.

The above graphs for the Northwest Seattle real estate market will show recent trends on a micro level in Northwest Seattle that will in a large part reflect the prices buyers and sellers are willing to pay and receive for real estate in the area.

Northwest Seattle home and lifestyle search.

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.[/box]

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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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.