Thursday, April 12, 2007

Real Estate Market Review

March 2007

For the greater Queen Anne, Magnolia, Ballard, and Greenlake areas March of 2007 beat 2006! More homes sold plus the average sales price divided by listing price (avg % sp/lp) is up about 1% from 101% in February to 102.5%. The market has heated up!

Sellers as I've mentioned before, homes that are not priced right take longer to sell and typically sell for less. Choose your asking price wisly. In March homes that sold within the first 30 days sold for 102.5% (avg % sp/lp) compared to homes that sold from 31 to 60 days sold for 98.66% (avg % sp/lp). A differance of almost 4% is nothing to sneeze at.

Appreciation continues to look good. When comparing the month of March in 2007 to 2006, the average home appreciated 8.4% and the median home appreciated 9.5%.

Buyers, be ready to move when you find the home that fits your criteria. The market is hot so expect multiple offers and escilation clauses for the gem properties.

Coming soon, the list of homes sold in zip codes 98119, 98199, 98107, 98117, and 98103 for March 2007.

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