Northeast Seattle’s real estate inventory lightens, prices up
This Week:
The median list price in Northeast Seattle (zip code 98125) is $629,450 up from last week’s $619,950. Inventory has been decreasing lately but the Market Action Index is falling also (see MAI chart below). With days-on-market climbing, these are relatively negative implications for the market. Check in next week to see how the housing market in northeast Seattle is shaping up.
Average days-on-market (DOM) 42 days up from last week’s (34).
Percent of properties with price decreases 33% up from last week’s 32%.
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 appears to have begun to cool. As we’re still notably in a Seller’s market, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower, it may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Looking to buy or sell contact Adrian Willanger for a more detailed market analysis.
90-day stats for Single Family properties in SEATTLE, WA 98125 as of October 3, 2014 | |||
---|---|---|---|
Median List Price: | $489,827 | Average List Price: | $573,630 |
Total Inventory: | 52 | Price per Square Foot: | $246 |
Average Home Size: | 2,146 | Median Lot Size: | 11,404 |
Average # Beds: | 3.49 | Average # Baths: | 2.23 |
Homes Absorbed: | 10 | Newly Listed: | 12 |
Days on Market: | 45 | Average Age: | 53 |
How does this influence prices?
We continue to see prices in northeast Seattle continue their recent uptrend this week. While still below the market’s high point, we may be seeing the start of a good price stretch here. We’ll look at the Market Action index later in the report to gauge the leading indicators.
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