Similarly to central Seattle, the median priced home value in north Seattle Washington dropped substantually in January. North Seattle moved from $472,094 in December to $392,750 in January. Again these are two numbers that are shocking to see next to each other.
The number of homes selling for over $1 million has slowed to a crawl, which is pushing down the average and median value. Until the upper end of the market rebounds I expect the median priced home value to hover just below $400,000. Sales Value Line-Chart
Since July of 2008 the sales volume has dropped dramatically. There were just under 140 homes sold in July, and in January there were just over 55 homes sold. In the coming months I expect that number to improve because January is typically the slowest month of the year. 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.