For the 10th consecutive month the median sale price for single-family homes sold in Northwest Seattle, including Wallingford, met or exceeded the sale price for the same period a year prior. Much of this trend can be attributed to a 45% decrease in the supply of homes compared to the previous year.
The median sale price for single-family homes in NW Seattle was $445,750 for October compared to $399,975 for October of 2011. The average sale price for NW Seattle was $473,718 in October versus just $439,368 in October 2011.
Wallingford single family sale prices ranged from $369,950 to $1,225,000 with a median sale price of $505,000 and an average sale price of $595,505. The average final sale price for Wallingford homes sold in October was over 102% of the most recent list price with a number of homes selling for above list price indicating a likely multiple offer situation.
The overall supply of NW Seattle homes in October was just 1.2 months of inventory compared to a 3 month supply for October 2011. A less than a 3 month supply of homes is considered a Seller’s market.
The average time on market for homes that sold in October was 35 days for all of NW Seattle and just 11 days for Wallingford.
More stats on North Seattle real estate can be found at http://www.live206.com/seattle-area-market-update-c21537.html
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, [email protected] or www.live206.com.