Friday, February 08, 2008

Seattle Real Estate Market Review

The number of home sales for January 2008 in the greater Queen Anne, Magnolia, Ballard, and Greenlake areas continues to be off by close to 1/3 as compared to January 2007, but homes are continuing to appreciate!

The average home sold for 6% more and the median home sold for 4% more than in January 2007. Homes that were priced right continued to sell well. The 40 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 25 homes that sold between 31 to 60 days were purchased for approximately 97% (% sp/lp). A note to sellers: 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.

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