What a difference a year makes. Record low interest rates, a significant shortage of inventory, continued strong hiring by Amazon, Microsoft and a slew of smaller to midsize companies and a general belief that the market has hit bottom has resulted in strong appreciation for most Seattle home owners and sellers in 2012.
For the 11th 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 41% decrease in the supply of homes for sale in 2012 compared to 2011.
The median sale price for single-family homes sold in 2012 in NW Seattle was $425,000 compared to $399,000 for 2011, a little over a 6% increase. The average time on market for homes sold was just 32 days for 2012 versus 42 days for 2011. For Wallingford the median sale price for 2012 was $563,500 with an average time of on market of just 30 days. Wallingford home sales ranged from a 1 bedroom houseboat to a $1.225M 5 bedroom and 5 bathroom home.
A less than a 3 month supply of homes is generally considered a Seller’s market. The overall supply of NW Seattle homes averaged around 1.4 months of inventory for 2012 relative to a little less than a 3 month supply for 2011. For the last 6 months of 2012 Wallingford averaged a little over 1 month of inventory. Definitely a good time to be a home seller.
Expected trends for 2013 include continued low interest rates and inventory as well as multiple offers situations for competitively priced homes in popular neighborhoods including Wallingford with its great walkability, popular schools and proximity to downtown and the eastside.
More stats on other Seattle neighborhoods can be found at http://www.live206.com/seattle-area-market-update-c21537.html
Tip: Even in a strong home Seller’s market amazing photos and professional marketing materials (including a custom website and full color two sided flyers) can result in a quicker sale and the best sale price.
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.
Statistics are deemed reliable but are not guaranteed. All information should be verified to the users own satisfaction.