State of the Market in Northwest Seattle - January 2012

The real estate market in Northwest Seattle appears to be shifting from a Buyer's Market to a Seller's Market. The supply of homes is low and the demand is high. However, when comparing January of 2007 to January of 2012 the median home price is down 19%. With home prices lower and mortgage interest rates around 4%, in King County the monthly mortgage payment is less expensive than the monthly rent for the average home

Home Values Up 14%!!!

How much have the home values in your neighborhood appreciated since 2004?

Given all the negative news about the real estate market, one may not know that the median home value in central and north Seattle appreciated 14% since 2004!!! Above shows appreciation for the neighborhoods of Queen Anne, Magnolia, East Lake, Capital Hill, Madison Park, Ballard, Fremont, Wallingford, Green Lake, University District, Ravenna, Bryant, Wedgewood and many more...

Keep in mind this is comparing the first 6 months of 2004 to the first 6 months of 2011. If one purchased a home after 2004 the picture may not be as rosy. However, the image above shows that real estate is a solid invest for those who intend to buy and hold. Below is more information about the real estate market since 2004.

In 2004 the median home value was $397,5000. In 2007 it peaked at $555,000 and in 2011 it was $453,000 which was roughly the same as in 2005. The graph shows that median home values are trending up since 2009 which is a good sign.

In 2004 the average home that sold was on the market for 35 days. Compared to 51 in 2011. The graph shows that the number of days on market is trending down since 2009 which is a good sign. A market time of 45 days is consider healthy

In 2004 over 2,000 home sold in the first 6 months of the year. In 2011 just over 1,300 sold. The graph shows that the number of home sold is trending up since 2009 which is a good sign.

If bought and held real estate in central and north Seattle is a good investment.