Northwest Seattle’s real estate market showing signs of weakening
This Week:
The median list price in Northwest Seattle is $675,000 is down from last week’s $687,5000. Inventory is up and the Market Action Index (MAI see chart below) is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.
Supply and demand in northwest Seattle
The Northwest Seattle real estate market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in the MAI. If the MAI resumes it’s climb, prices will likely follow suit. If the Mai drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Price
We continue to see prices in Northwest Seattle hovering around their high point. 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.
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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.
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