Friday, April 11, 2008

Seattle Real Estate Market Review

The number of home sales for March 2008 in the greater Queen Anne, Magnolia, Ballard, and Greenlake is trailing 2007's numbers by just over 25%. In addition home prices are down. Of the 188 homes that sold in March the average home sold for 8% less and the median home sold for 12% less than in March 2007.

Sellers who priced their homes right netted the most money from their sale. Below is a breakdown of the average sales price divided by the average listing price (% sp/lp). It is clear that the longer the home is on the market the less money a seller will net.

  • 30 Days: 99.79%
  • 31 to 60 Days: 98.15%
  • 61 to 90 Days: 94.70%
  • 91 to 120 Days: 97.08%
  • 121+ Days: 95.96%

Seattle is still feeling the hangover type effects of the mortgage meltdown. I believe we are at the bottom and the market will start to work its way to better health.

As we approach summer the real estate market should 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. In a recent article lists Seattle as the tenth best city for home sellers.

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