Demand for Columbia City’s real estate decreasing
The median list price this week in the Columbia City neighborhood is $444,950 down from last week’s $447,000. Inventory is tightening and days-on-market is falling. But demand as measured by the Market Action Index (see MAI chart below) is also trending down. The market is not giving strong up or down signals from these data.
Percent of properties with price decreases: 30% down from last week’s 38%.
Average days-on-market: 68 days up unchanged last week’s 68 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 remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for few weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
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.