Windermere Real Estate
Market Review
Seattle Metro A special report on residential real estate sales in King County 2011 Third Quarter: July Aug Sept
w Windermere Real Estate/Wall St., Inc.
Third Quarter July / Aug / Sept 2011 From the NWMLS, NWREporter October 5 release - KIRKLAND, WA. NWMLS. “This market is proving to be challenging, but not for the reasons you might think,” said OB Jacobi, president of Windermere Real Estate Co. He pointed out interest rates are low, affordability is high, and confidence in the housing market is improving. “These are all good things, but the result is an influx of motivated buyers in a market where inventory levels have not yet caught up to the demand.” Jacobi, a member of the Northwest MLS board of directors, said one consequence is “stiff competition for move-in ready homes that are priced right, especially in neighborhoods close to Seattle.” 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 Q2
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
116
na
$480,883
Na
$350,000
Na
1038
na
84
142
62
$648,077
$334,995
$549,000
$297,000
2319
1069
68
72
351
63
$449,175
$244,923
$409,000
$229,000
1963
946
34
58
259
38
$502,302
$202,209
$419,000
$189,950
2041
933
40
89
193
108
$729,602
$317,228
$515,000
$232,550
2197
855
53
74
206
14
$339,005
$200,903
$273,375
$205,500
1809
1098
49
66
290
32
$364,224
$265,216
$308,990
$210,000
1805
1044
66
151
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 October 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 in Metro Seattle declined slightly in September 2011— a continuing buying opportunity. Low priced distressed homes continue to hold prices down while buyers of upper end homes are seeking value, taking time to make a purchase decision. Market time overall is declining: The average time on market for single family homes in King County dropped in September 2011 to 68 days, compared to 75 days in September, 2010.
MARKET ACTIVITY In September, housing inventory, pending sales, and closed sales remained relatively stable. According to Windermere Real Estate President OB Jacobi, buyers are feeling the impact of low supply “due to an influx of motivated buyers in a market where inventory levels have not yet caught up to the demand.” These dynamics create competition for move-in ready, entrylevel homes that are priced right, especially in Metro Seattle neighborhoods.
30 Year Fixed Rate Mortgage Interest Rates
FINANCIAL MARKET TRENDS Interest rates remain at historically low rates and future changes are difficult to predict. However, when the economy improves, interest rates will likely increase. The current low cost of money, combined with low prices, is advantageous for buyers using 15and 30-year mortgages. With many electing to rent, the real estate market is well positioned for savvy investors. Contact us today to learn more.
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w Windermere Real Estate—West Seattle Office 4526 California Ave SW, Seattle 98116 206.935.7200 www.Windermere.com