Northeast Seattle’s real estate continues to favor Buyers
Northeast Seattle closed out 2012 with an 18% increase in the number of home sales from 2011. The average selling price increased from $350,894 in 2011 to $367,640 in 2012. Sellers also received more of their list price in 2012 (99.07% average compared to 2011′s 97.5% average of their list-t0-sale price).
This Week
The median list price in northeast Seattle (zip code 98125) is $350,000 is up slightly from the previous week’s $349,990. Inventory is up and the Market Action Index (MAI see below chart) is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit. Check in next week to see how the housing market in northeast Seattle is shaping up.
Supply and demand
The Northeast Seattle market has been cooling over time and prices have recently flattened. Despite the consistent decrease in the Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for a downward pressure on prices. Looking to buy or sell contact Adrian Willanger for a more detailed market analysis.
How does this affect prices?
We continue to see prices in Northeast Seattle bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels. 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.”
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