The median priced home value in central Seattle Washington has been flat since March. Hovering just above or just below $600,000. It moved from $596,250 in October slightly up to $598,500 in November.
The financial crisis and the economy has hit central Seattle harder than areas which have a lower median value. There are fewer buyers who have the cash or who can afford a Jumbo Loan out there. With this in mind, I expect the median priced home to move lower in the coming months. Sales Value Graph
Since September the sales volume has dropped dramatically. There were just under 50 homes sold in September, and in November there were just over 25 homes sold. Sales Volume Graph
An interesting trend to notice is the fact that the pending sales line on the graph typically leads the sold homes line on the graph. As the number of pending homes increases or decreases the sold homes increase or decreased the following month. Whoever, since August it has been reversed. There has been a significant number of homes that are pending that are not closing which is likely due to financing.
At the end of November there were 40 homes pending to close, but I don't believe they will all sell in December. December is typically one of the slowest months of the year for home sales because of the holidays. This year will be no different. I expect 25 to 30 homes to sell in December.
Buyers keep in mind there are many great buying opportunities with this market. Today Sellers are motivated and interest rates are low. We may be looking back at this winter as one of the best Buyer's markets we've seen for quite a while.