Windermere Real Estate
Market Review
Seattle Metro A special report on residential real estate sales in King County 4th Q and 2011 in Review
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Windermere Real Estate/Wall St., Inc.
Fourth Quarter Oct / Nov / Dec 2011 "Healthy marketplaces" Emerging With Shrinking Inventory, Favorable Financing NWMLS KIRKLAND, WA. (Jan. 4, 2012)
Home sales finished the year much stronger than they started, with pending sales for the fourth quarter outgaining the first quarter by more than 3,000 transactions for a 21% increase, according to new figures from NWMLS. OB Jacobi, president of Windermere Real Estate, believes the market has undergone a shift. "Where we've been during the past year is a place of transition. It has been a slow recovery, but the housing market has finally turned a corner, albeit a soft one with some bumps along the way," he commented. Read more on our blog: www.WindermereWestSeattle.com Area
SEATTLE CORE Downtown, Belltown IN-CITY Queen Anne, Magnolia
NW SEATTLE Ballard, GreenLake, Fremont, Wallingford NE SEATTLE View Ridge, Maple Leaf, Northgate CENTRAL SEATTLE Capitol Hill, Central District, Madison Park SE SEATTLE Beacon Hill, Mt Baker, Columbia City, Seward Park, Rainier WEST SEATTLE
Number of Homes Sold 2011
Average Sold Price
Median Sold Price
Average Size (Sq Footage)
Days on market DOM
Houses
Condos
Houses
Condos
Houses
Condos
Houses
Condos
Houses
Condos
na
451
na
$505,256
Na
$390,000
Na
1045
na
79
466
279
$632,358
$327,666
$530,000
$250,000
2263
1028
65
81
1353
256
$430,537
$240,918
$398,000
$219,675
1862
888
42
72
942
136
$484,577
$192,390
$410,000
$187,950
2063
1006
47
77
690
405
$688,263
$311,129
$509,000
$249,900
2242
901
65
91
732
48
$319,071
$170,479
$274,750
$167,950
1822
958
62
64
1108
138
$347,178
$305,037
$297,949
$240,000
1769
1149
63
126
All data compiled from NW Multiple Listing Service, this information is deemed reliable, but is not a guarantee nor is it guaranteed, and should be verified to your satisfaction.
Pricing Trends December 2011 Metro Seattle Real Estate Market Update ‐ Residential
Windermere tracks key performance indicators to determine the current state of the market and to anticipate trends within Metro Seattle: from West Seattle to Lake Washington and north to Shoreline & Kenmore. We trust that this data combined with our expertise will help you make sound decisions. PRICE TRENDS Prices for closed sales of single family homes increased in November 2011 compared to the previous month—an on‐going opportunity for buyers. Low priced distressed homes continue to push prices down. While our brokers report multiple offers in many high‐demand neighborhoods, this isn’t translating into pressure on higher prices, at least not yet. In fact, the average selling price in November 2011 was $441,000, compared to $480,000 in November 2010.
MARKET ACTIVITY
Many sellers assume that it is best to wait until spring to list property for sale. But standing inventory of residential homes in the fourth quarter of 2011 is 32.8% lower than in the fourth quarter of 2010. Depending on your neighborhood and price level, selling a single family home in the winter of 2011 may be more profitable than waiting. Speak with your broker for more details.
FINANCIAL MARKET TRENDS
Interest rates remain historically low and future changes are difficult to predict. However, when the economy improves, interest rates will likely increase. Buyers tempted to wait—hoping for real estate prices to drop further—should bear in mind that small interest rate increases often offset large declines in price. For example, if interest rates go up by 0.25%, monthly payments for a home with a $300,000 loan amount will increase even if the value of the property declines by 2.5%.
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Windermere Real Estate—West Seattle Office 4526 California Ave SW, Seattle 98116 206.935.7200 www.Windermere.com