Northeast Seattle's real estate market-kinda of a mixed bag
Starting the new year northeast Seattle real estate: median list price flat, listings down, days on market up kind-of-a mixed bag.
The median list price in northeast Seattle (zip code 98125) is $349,950 down slightly from the previous week’ $360,000. Active listings have been an average of 129 days. Inventory has been tightening and days on market is increasing recently. The Market Action Index has been basically flat (see below chart for description), not providing strong indication for the market conditions. Check us out next week to see how the housing market in northeast Seattle is shaping up.
Supply and demand
The northeast Seattle real estate market has settled in at a relative stasis in inventory and sales conditions, It’s a Buyer’s market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly. I
The real story in northeast Seattle real estate is the shortage of homes for sale. November 2012 there were 107 homes for sale compared to the same period a year earlier where there were 199 homes for sale.
How does this affect prices?
Despite this week’s down tic, price trends in northeast Seattle have generally been moving up lately. We are below the market’s high point, and we’ll investigate the Market Action Index later on to see if this week’s blip turns into a downward trend.
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90-day stats for Single Family properties inSEATTLE, WA98125 as of December 28, 2012
|Median List Price:||$357,098||Average List Price:||$421,879|
|Total Inventory:||102||Price per Square Foot:||$196|
|Average Home Size:||1,808||Median Lot Size:||7,568|
|Average # Beds:||3.35||Average # Baths:||2.03|
|Homes Absorbed:||8||Newly Listed:||5|
|Days on Market:||113||Average Age:||49|
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