Market trends for northwest Seattle imply weakening real estate market
This Week:
The median list price in northwest Seattle is $649,950 is up from last week’s $637,475. The Market Action Index (see MAI chart below) has been trending down recently, while inventory and days-on-market are climbing. The trends imply a weakening market.
Supply and Demand
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index, we’re in a Seller’s Market. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Prices in in the last few weeks in northwest Seattle have been bouncing around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate 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 Competitive Market Analysis (CMA) 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.
Northwest Seattle Median Prices vs. all of Seattle 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. 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. Receive
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Fun fact about northwest Seattle
Northwest Seattle is located in the Pacific time zone at 48 degrees latitude (Fun Fact: this is the same latitude as Vienna, Austria!)
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.
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