Sunday, July 15, 2007

Seattle Real Estate Market Review

For the greater Queen Anne, Magnolia, Ballard, and Greenlake areas home appreciation slowed for the month of June 2007, and when comparing June of 2007 to 2006 there where also fewer sales. A total of 274 in comparison to 316, a drop of 13%.

The average home appreciated 3.7% and the median home appreciated 3.1%, which is much less than what has been seen for some time. Buyers are still snatching up well priced homes though. Homes that sold within the first 30 days, were purchased for 101% of the listing price (% sp/lp), but homes that sold between 31 to 60 days were purchased for 97.89% (% sp/lp). A difference of just over 3%.

April was a hot month with the average home selling for 16% and the median selling for 11%more than in 2006. May was also a good month with an average of 10% and a median of 7%.

Typically the first 6 months of the year are the strongest and the market maybe beginning to slow for the year because the first 15 days of July look to be continuing June's trend.

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