Windermere Real Estate
Market Review
Seattle Metro A special report on residential real estate sales in King County for First Quarter 2013 / January through March
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Windermere Real Estate/Wall St., Inc.
First Quarter 2013 From the NWMLS, NWREporter April release ‐ KIRKLAND, WA. Western WA housing indicators aligned for spring market to remember OB Jacobi, president of Windermere Real Estate Company, noted the month’s supply of homes in King County has dipped to about 1.2 months, well below the six‐month threshold that many in the industry consider to be “normal.” Jacobi, who is also on the MLS board of directors, noted supply is at its lowest level since May 2005 during the peak of the housing boom. “The impact of low inventory levels is s ff compe on among buyers, o en resul ng in homes selling for well over asking price,” he remarked. Also, he added, the imbalance also leads to rising median prices. Area
Number of Homes Sold Q1
Average Sold Price
Median Sold Price
Days on market DOM
Houses
Condos
Houses
Condos
Houses
Condos
Houses
Condos
SEATTLE CORE Downtown, Belltown 701
Na
99
Na
$712,247
Na
$495,000
Na
63
IN-CITY Queen Anne, Magnolia 700
101
85
$703,152
$323,007
$650,000
$285,000
42
64
NW SEATTLE Ballard, GreenLake, Fremont, Wallingford 705
323
65
$497,609
$249,296
$455,000
$230,000
25
44
NE SEATTLE View Ridge, Maple Leaf, Northgate 710
206
57
$507,685
$199,566
$446,000
$170,000
33
51
CENTRAL SEATTLE Capitol Hill, Central District, Madison Park 390
153
143
$690,337
$305,349
$589,000
$275,000
39
64
SE SEATTLE Mt Baker, Leschi Columbia City, Seward Park, Rainier 380
134
5
$387,017
$138,290
$340,000
$125,000
55
177
SE SEATTLE Beacon Hill, SODO Georgetown 385
55
8
$284,432
$174,852
$275,000
165,959
35
78
247
42
$378,595
$294,306
$341,000
$254,950
37
82
WEST SEATTLE 140
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.
First Quarter 2013 Residential Home Sales Trends for Q1 2013 Depic ng Number of homes sold by Area And Medial Sales Price by Area
HOME PRICE TRENDS 2013 began with con nued price sta‐ bility, largely due to con nued, con‐ sistent demand for well‐priced hous‐ ing. First me buyers, reloca on buy‐ ers as well as investors are compe ng to capitalize on historical housing affordability and favorable interest rates with Windermere brokers re‐ por ng frequent mul ple offers on homes in the lower and middle‐price ranges. These factors may result in some price apprecia on, especially through Spring, 2013, when sales tend to be historically most brisk.
Condominium Sales Trends for Q1 2013 Depic ng Number of homes sold by Area And Medial Sales Price by Area
CONDO PRICE TRENDS Sea le area condo prices reached an 11 month peak in March 2013, with an average closing price of $400K, a func‐ on of declining inventory and the his‐ torically strong spring buying season. Nearly all new mul ‐family residen al buildings under construc on are de‐ signed for the apartment market. This will support and protect prices, at least un l apartments are converted to con‐ dominiums. The savvy investor may wish to focus on this product type, as condo prices have yet to enjoy the strength of the housing recovery. www.windermere-wallstreet.com
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