Northeast Seattle real estate showing some early cooling signs
This Week:
The median list price in Northeast Seattle (zip code 98125) is $497,500 is down from from last week’s $572,000. Demand measured by the Market Action Index (see below MAI chart) is increasing and days-on-market is holding steady. With more properties coming available, conditions are mildly positive.
Real estate buyers and sellers need to understand the local market climate before jumping into the market and understand the real estate market is very dynamic. Check in next week to see how the housing market in northeast Seattle is shaping up.
Average days-on-market (DOM) 47 days down from last week’s (91)
Percent of properties with price decreases 24% up from last week’s 18%.
Supply and demand
The Northeast Seattle real estate market appears to have begun to cool. As we’re in the Seller’s zone, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Looking to buy or sell contact Adrian Willanger for a more detailed market analysis.
How does this influence prices?
Prices in Northeast Seattle didn’t fluctuate much this week, we are relatively close to the market’s high-water mark. Watch for persistent downward shift in the Market Action Index into the Buyer’s zone as a leading indicator of the price strength subsiding.
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.” To stay updated sign up to have FREE WEEKLY UPDATES on the latest northeast Seattle real estate market activity e-mailed to you weekly.
Many homeowners are asking the same question, “has the value of our home increased to the point we can sell it?” Fill out our form and find out for FREE.
Living in Northeast Seattle’s Victory Heights neighborhood
Located in Seattle ½ mile east of the Northgate Mall sits a small wooded community named Victory Heights. A nice combination of bungalows and wood tudors built between 1920 & 1940s . Residents of Victory Heights have a multitude of place to shop, from 100+ stores at Northgate Mall to big box discount stores and specialty stores just a short drive to University Village.
Victory Heights is very well connected with four arterial to choose form as well as being well service with public transportation. close to shopping, I-5, University of Washington and 10 minutes to downtown Seattle.
Residents of Victory Heights love living in an area that is filled with walkers of all ages and surrounded by evergreen trees and just minutes to job and business centers close to parks, schools, hospitals,restaurants , and a wide range of banks and credit unions to choose from with an overall walking score of 72.
Home prices in Victory Heights are coming off a 12 month low and have started a steady upward price tend since mid-May 2012. Current inventory of homes for sale in Victory Heights.
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