Homes Sold In Central Seattle WA

The median home price in Central Seattle, Washington was $511,250 in April. Upper end home buyers were still on the fence while first time home buyers were out in great numbers. Since the neighborhoods of Central Seattle tend to have more upper end homes the median price continues to get hit hard.
The number of homes sold in Central Seattle continues to climb with 118 closings in April. Similare to north Seattle the number of pending continues to skyrocket with 197 homes pending. Activity should continue to increase for the next couple months.

Thanks for reading!

-Andrew

www.SeattleHomeKey.com

Homes Sold In Central Seattle WA

Home values have shot down in Central Seattle Washington! The median home price was $606,500 in February but has decreased to $498,750 in March.

I suspected the increase in home values in February was a spike but I did not expect it to be followed by a decrease of $100,000. The upper end home buyers are still on the fence while first time home buyers are out in great numbers. For that reason the median price of homes in central Seattle is getting hit hard.

The number of homes sold in Central Seattle has skyrocketed from 64 in February to 113 in March.

Similar to North Seattle the number of pending homes continues to skyrocket with 172 homes pending in March. The number of closings should continue to increase for the next couple months.

Thanks for reading!

-Andrew

www.SeattleHomeKey.com

Homes Sold in Central Seattle, WA

Home values have shot up in Central Seattle Washington! The median home price was $606,500 in February an increase of $100,000 since December.

There appears to be a renewed interest in Central Seattle homes with the sale of more mid to upper end homes. It is a welcome change for home owners who have seen the value of their home decline substantially.

This increase may be represented by just a spike in the graph below because next month the median price home will likely be under $550,000.

The number of homes sold in Central Seattle continued to drop from 113 in December, to 89 in January, to 64 in February.

Similar to North Seattle the number of pending homes is skyrocketing in Central Seattle. In December there were 89 homes pending to sell, in January there were 109, and in February there were 132. Strangely, these pending numbers aren't transferring to more homes selling. This may be due to the fact that it's taking longer for deals to close, or there is a body of Buyers who are having difficulty getting a loan.

Thanks for reading!

-Andrew

www.SeattleHomeKey.com

Homes Sold in Central Seattle, WA

The median home price in central Seattle Washington was $506,500 in December. Home price for pending homes was listed at $489,250. It looks clear that home prices in January of 2010 will continue to drop with a possible dip below the low in March of 2009 of $480,000.

The number of homes sold in central Seattle dropped to 113 in December. Pending homes dropped dramatically. Home buyer put there search on hold for the holiday season. I expect fewer homes to sell in December, but more homes to go pending which signals the begin of a new cycle for 2010.

Homes Sold in Central Seattle WA

The median home price in central Seattle Washington was $551,200 in November which is up slightly from October.

One may wonder what happened to the typical slow down this time of the year brings. It is hard to know for sure but it may have something to do with the Tax Credit Extension. A home priced for $550,000 is not the typical purchase for a First-Time-Home-Buyer. However, the new extension also give a credit to Home-Buyers who have lived in their home for the last 5 years in the amount of $6,500. This may be stimulating homes priced under $800,000 in a way we haven't seen in the past.

The number of homes sold in central Seattle continued to rise in November. However, pending homes is on the decline. I expect fewer homes to sell in December and likely bottom out in January.

Homes Sold in Central Seattle

The median home price in central Seattle Washington was $531,200 in October which continues a slight decline from its high in July. The number of pending and sold homes in central Seattle plateaued in September and October with 119 homes sold each month.

Values and volumes should continue to decline through January 2010 unless something unexpected happens due to the Tax Credit Extension.

Homes Sold in Central Seattle WA

The median home price in central Seattle Washington was $549,750 in September which continues to decline from its high in July. Values should hold steady for October but will then likely begin a normal decline as winter approaches.

The number of pending and sold homes in central Seattle continues to rise so far this year. 119 sold in September and it looks like September or October with be the peak.

Homes Sold in Central Seattle WA

Sales Value Line-Chart
The median home price in central Seattle Washington inched up to $548,000 in July. From December 2008 through March 2009 median values slid from a high of $647,500 to a low of $480,000. It appears April was the turning point and values should continue to rise through the summer.

Sales Volume Line-Chart
54 homes sold in July in central Seattle. It appears June will likely be the peak for the year with 56 homes sold, in which more homes sold than any month since August of 2007.

The gap between homes that have closed and homes that are pending continues to be larger than normal. It's likely due to stricter rules for getting a loan and may also be due to the number of short sales on the market. According to the NWMLS 12% of the homes sold in King County are short sales which tend to take longer to close.

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Homes Sold In Central Seattle WA

Sales Value Line-Chart

The median home price in central Seattle Washington was $535,000 in June. From December 2008 through March 2009 median values slid from a high of $647,500 to a low of $480,000. It appears April was the turning point and values should continue to rise through the summer.

Sales Volume Line-Chart

The number of pending and sold homes in central Seattle continue to skyrocket! 56 homes sold in June more than any month since August of 2007. Approximately 75 homes are pending but I expect only 75% of those to close.

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Homes Sold in Central Seattle WA

From November of 2008 through March the median priced home in Central Seattle has been sliding downward with a low of $480,000. It appears April has turned the corner with the median priced home selling for $563,750. May dropped a little to $537,500 but prices should continue to rise through the summer.

Sales Value Line-Chart


Home Buyers are making offers! However, banks don't appear to be funding all of their loans. There were just over 60 homes pending in April and only 45 closed in May. The NWMLS reports there are 70 homes pending in May we'll have to wait and see how many close in June.
Sales Volume Line-Chart


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Homes Sold in Central Seattle WA

April is way up! From November of 2008 through March the median priced home in Central Seattle has been sliding downward with a low of $480,000. It appears April has turned the corner with the median priced home selling for $563,750.

Keep in mind, generally May is the peak and January is the valley of any given year. So prices should continue to rise through the summer and then begin to fall in the winter.
Sales Value Line-Chart

Tightened restrictions for Jumbo Loans continue to drag down the median price. Bank of America is entering this segment with a new program. With luck it will drive down the costs of these mortgages. For more information read this article from the Seattle Times.

The volume of homes sold continues to rise. Approximately 38 homes sold in April and 61 are pending.
Sales Volume Line-Chart

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Homes Sold In Central Seattle WA

The median priced home in Central Seattle has dropped substantially so far in 2009. In January it was $518,250 and in March it dropped to $480,000.

Tightened restrictions for Jumbo Loans is one cause that is not helping median home prices. The interest rate for a Jumbo is typically a percentage point higher than a conforming loan and the down payment is typically 20% or more. This effects sales of homes priced from approximately $530,000 and above.

The volume of homes priced from $600,000 to $1,000,000 has slowed to a crawl, which is pushing down the median value as a whole.
Sales Value Line-Chart

The good news is that the volume of homes sold is on the rise. 29 homes sold in March and 52 are pending. We are entering the busiest time of the year so the number of transactions should continue to rise.
Sales Volume Line-Chart

I expect March to be the bottom for the year for the median priced home value and April to be the bottom for the number of homes sold in one month.

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Homes Sold in Central Seattle WA

The median priced home value in central Seattle Washington has been somewhat flat since March of 2008. Hovering above or below $600,000. However in January it dropped substantial. It moved from $647,50 in December to $518,250 and February continued that trend with a median home price of $501.750.

So far 2009 is not looking good for home sale values in central Seattle. One reason may be due to the tightened restrictions for Jumbo Loans. There are fewer and fewer buyers who are willing to put 20% or more down given the current economy.

This effects sales of homes priced towards $1 million or more. That market has slowed to a crawl, which is pushing down the median value as a whole. Until the upper end of the market rebounds I expect home values to continue to be in the lower to mid $500,000's. Sales Value Line-Chart

Since September of 2008 the sales volume has dropped dramatically. There were just under 50 homes sold in September, and in February there were just under 18. However pending homes sale volumes are up. I expect that number to improve through June. Sales Volume Line-Chart

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.

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.

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. 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.

Home Sales in Central Seattle WA

The median priced home value in central Seattle Washington have been pretty flat since March. Hovering just above or just below $600,000. It moved from $571,475 in September up to $596,250 in October.

For that same period, the sales volume has been flat as well. It's been hovering around 50 homes sold each month, but in October that dropped to 40. A surprise since there were 59 homes pending in September. Tightened standards for obtaining financing plus the negative news on the economy is the likely cause.

What will happen in November? Good question.

The volume of homes sold will likely be in the high 30's since there are 42 pending sales in October. Although, it may be lower depending on the confidence of home buyers. The median home price will likely remain under $600,000.

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.

Sales Value Graph
Sales Volume Graph

Home Sales in Central Seattle WA in September 2008

Home values in central Seattle Washington have been pretty flat since March. The median priced home has been hovering just above or just below $600,000. In September it jumped down to $571,475. Sales volume has been flat as well hovering around 50 homes sold each month with 48 selling in September.

Buyers are having a tough time getting financing with the current credit crunch. I expect the number of homes sold in October to remain around 50 and the median priced home to move downward.

Sales Value
Sales Volume

Home Sales Value and Volume in Central Seattle WA in August 2008

Home values in central Seattle Washington have been pretty flat since March. The median priced home has been hovering just above or just below $600,000. In August it was $619,000.

Sales volume has been flat as well hovering around 50 homes sold each month with 47 selling in August.

The summer months are typically the busiest of the year for central Seattle. Although, this summer has not held that trend due to the current troubled climate in the lending industry. I expect the number of homes sold in September to remain around 50 and the median priced home to remain around $600,000.

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