Northwest Seattle real estate: Accurate pricing remains key

Northwest Seattle real estate: Accurate pricing remains key

This Week:

The median list price in Northwest Seattle is $675,000  is up  from last week’s $655,000.  Inventory has been decreasing  lately but the Market Action Index (MAI see chart below)  is falling also.  With days-on-market climbing, these are relatively negative implications for the market.

Supply and Demand

Home sales in  Northwest Seattle continue to outstrip supply and the Market Action Index has been moving higher for several weeks.  This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.

Percent of properties with price decreases: 48% up from last week’s 43%.  Average days-on-market 127 is up from last week’s 114 days.

Price

We continue to see prices in the Northwest Seattle bounce around this plateau.  Look for a persistent up-shift in the Market Action Index before we see prices move 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 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.

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.

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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.