This Week:
The median list price in northwest Seattle is $829,500 up from last week’s $815,000. The Market Action Index (see below MAI chart) has been trending down lately, while inventory and day-on-market are climbing. The trends imply a weakening market.
Average days-on-market 68 up from last week’s 62 , asking price per square foot $314, median house size 2998 (sq ft).
Supply and Demand
In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices seem to continue to fall a bit. Technically supply levels indicate this is a Seller’s market so it is likely that the downward pricing pressure will be light or variable. Watch for an up-shift in the MAI before price stability is achieved.
Again this week in the Broadview (98177 zip code) area we see prices yo-yoing a bit. Pricing has been weak in recent weeks and versus their absolute high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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 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.
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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Northwest Seattle median prices vs. all of Seattle
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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