There are no signs that the current trends of low inventory, rising prices, short sales times and multiple offers will be abating anytime soon.
For NW Seattle, including Ballard, Fremont, Green Lake, Phinney and Wallingford) there continues to be only about a 1 month supply of single-family home inventory. This tight inventory can be attributed to continued low interest rates, robust Puget Sound area hiring and a generally improved economy including significant gains in the stock market. Whether the market will become more “balanced” (defined as a 3-6 month supply of homes) will hinge on many more listings hitting the market over the coming months.
Of NW Seattle homes closed in April the average sale price was almost 103% of the most recent list price. This indicates continued multiple offer situations.
Prospective buyers also should think in terms of at least a minimum of 3-5+ year home ownership horizon and preferably maintain the option to hold onto their home through future downturns in the market. Home seller costs (excise tax, title/escrow fees, sale commissions) of approximately 9% of the sales price should also be factored into any decision to purchase.
Click here for more stats on other Seattle neighborhoods. John Madrid is a Managing Broker with John L. Scott Real Estate – University Village and is a 2005-2012 Seattle Magazine “Five Star” Agent. His clients include both home buyers and sellers. He can be reached at 206-498-1880, firstname.lastname@example.org or www.live206.com.
Statistics are deemed reliable but are not guaranteed. All information should be verified to the users own satisfaction.