Columbia City’s real estate market remains a bit of a Seller’s market
The median list price this week in the Columbia City neighborhood is $448,000 down from last week’s $450,000. With inventory and days-on-market basically unchanged and the Market Action Index (see MAI chart below) is decreasing, the market is not sending strong directional signal for the near-term outlook.
Percent of properties with price decreases: 28% unchanged from last week’s 28%.
Average days-on-market: 63 days down from last week’s 55 days.
Is it a good time to sell my home?
Inventory levels in northeast Seattle at or near all time lows. The key to maximizing your listing price is in the preparation and pricing. For listing tips click here.
Supply and Demand
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI) we’re in a Seller’s Market. 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 downward pressure on prices.
While the median price in the Columbia City area hasn’t moved much in the last few weeks, we are relatively close to the market’s high-water mark. Watch for persistent downward shift in the Market Action Index into the Buyer’s zone as a leading indicator of the price strength subsiding.
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.
Living in Columbia City
is a very eclectic neighborhood
that is embraced by its residences and the businesses that have located there. The business area is filled with galleries, boutiques and a host of dining and entertaining options that fill the neighborhood with color and local flair.
A large number of residences in Columbia City are not dependent on large corporations for employment but rather choose careers in the “hidden tech” fields. Home based businesses, entrepreneurs that are well connected to the information economy as investors, graphic artists, freelance writers, architects, telecommuters, software consultants, and other higher paying professions.