Tuesday, February 10, 2009

Homes Sold in Central Seattle WA

The median priced home value in central Seattle Washington has been flat since March. Hovering just above or just below $600,000. However in January it dropped substantually. It moved from $647,50 in December to to $518,250 in January. Two numbers that are shocking to see next to each other.

In central Seattle the number of homes selling for over $1 million has slowed to a crawl, which is pushing down the median value. Until the upper end of the market rebounds I expect the median priced home value to hover around the mid $500,000's. Sales Value Line-Chart

Since September the sales volume has dropped dramatically. There were just under 50 homes sold in September, and in January there were just over 24 homes sold. In the coming months I expect that number to improve. Sales Volume Line-Chart

An interesting trend to notice is the fact that the pending sales line on the line-chart typically leads the sold homes line. As the number of pending homes increases or decreases the sold homes increase or decreased the following month. However, 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.

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.

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