The number of home sales for February 2008 in the greater Queen Anne, Magnolia, Ballard, and Greenlake areas is beginning to pick up. It continues to be off February 2007's number, but only by approximately 15% incomparision to 33% last month. The bad news is that there was a dip in home prices.
The average home sold for 2% less and the median home sold for 5% less than in February 2007. Homes that were priced right continued to sell well. The 72 homes that sold within the first 30 days of the listing date were purchased for just over 100% of the listing price (% sp/lp). While the 22 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.
I'm beginning to believe more and more that the bottom of the current slow down was in October, November, and December of 2007. As we approach summer the real estate market should continue to improve.
Although the average and median priced home for this area was down, I believe the real estate market is unlikely to crash in Seattle as it has in other areas of the country.