The number of home sales for December 2007 in the greater Queen Anne, Magnolia, Ballard, and Greenlake areas was off by close to 1/3 as compared to December 2006, but homes are continuing to appreciate!
The average home sold for 11.5% more and the median home sold for 2.5% more than in November of 2006. Homes that were priced right continued to sell well. The 63 homes that sold within the first 30 days of the listing date were purchased for just over 99% of the listing price (% sp/lp). While the 45 homes that sold between 31 to 60 days were purchased for approximately 96.5% (% sp/lp). A note to sellers: choose an agent who will price your home right. It will save you time and money.
It's possible to speculate that the real estate market may have bottomed out in October of 2007. In the coming months we'll know. Typically home sales increase after the holidays. I expect things to pick up in the spring and summer and then cool back off next fall and winter.
This winter is a great time to buy. The real estate market is unlikely to crash in Seattle as it has in 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.