November 2007 turned out better than expected for the greater Queen Anne, Magnolia, Ballard, and Greenlake areas. The number of homes sold is still down by close to 1/3 as compared to November 2006, but homes are appreciating.
The average home sold for 5% more and the median home sold for 4% more than in November of 2006. Homes that were priced right continued to sell well. The 65 homes that sold within the first 30 days of the listing date were purchased for just under 100% of the listing price (% sp/lp). While the 44 homes that sold between 31 to 60 days were purchased for just over 97% (% sp/lp).
A note to sellers, choose an agent who will price your home right. It will save you time and money.
A side note I've been tracking the last few months is the fact that there is a dramatic increase in listings that have not sold but have been taken off the market (i.e. expired, cancelled, temp. taken off the market) in central and north Seattle. Comparing November of 2007 to 2006 the number of homes that have been taken off the market is up by over 100%. Many sellers who do not need to sell are either renting or staying put. If these sellers were in a different position and had to sell now the market would look much different.
The Seattle Times ran a story today looking at the King County real estate market titled "Home prices slip to '06 level." The title speaks for itself. The current market is one that has not been scene for sometime. It is a buyers market in which sellers are making concessions.
Comparing October to November of this year, October was the slower month. One may wonder if October was the bottom of the current slow down. It is hard to say, but the answer to that questions will come in the months ahead.
With the holidays upon us the market will remain soft for the rest of the year and into next year. Things should pick up in the spring and summer of 2008. This winter is a great time to buy. The real estate market is unlikely to crash in Seattle like other areas of the country. The economy is good, job growth is good, and experts estimate 135,000 more people to move to Seattle in the next 5 years.