News blog for Seattle's Fremont neighborhood

 

Big turnaround in 2012 for Northwest Seattle housing market (sponsored story)

By Geeky Swedes · January 22nd, 2013 · 3 Comments

(This is a sponsored story written by John Madrid, Managing Broker with John L. Scott Real Estate).

What a difference a year makes … sale prices continue their climb and time on market continues to drop. It is definitely turning into a seller’s market.

For the 11th consecutive month the median sale price for single-family homes sold in Northwest Seattle, including Ballard, Fremont, Green Lake, Phinney and Wallingford, met or exceeded the sale price for the same period a year prior. Much of this trend can be attributed to a decrease in the supply of homes for sale in 2012 compared to 2011.

In addition to a shortage of inventory, record low interest rates, continued strong hiring by Amazon, Microsoft and a slew of smaller to midsize companies and a general belief that the market has hit bottom has resulted in strong appreciation for most Seattle home owners and sellers in 2012.

The median sale price for single-family homes sold in 2012 in NW Seattle was $425,000 compared to $399,000 for 2011, a 6.5% increase. The average time on market decreased to 32 days in 2012 from 42 days in 2011.

A less than a 3 month supply of homes is generally considered a Seller’s market. The overall supply of NW Seattle homes averaged around 1.4 months of inventory for 2012 compared to a little less than a 3 month supply for 2011.

Expected trends for 2013 include continued low interest rates and inventory as well as multiple offers situations for competitively priced homes in popular neighborhoods including most of NW Seattle with its great walkability, popular schools and proximity to downtown.

More stats on other Seattle neighborhoods can be found here.

Tip: Even in a strong home Seller’s market amazing photos and professional marketing materials (including a custom website and full color two sided flyers) can result in a quicker sale and the best sale price.

John Madrid is a Managing Broker with John L. Scott Real Estate – University Village and is a 2005-2012 Seattle Magazine “Five Star” Agent. His clients include both home buyers and sellers. He can be reached at 206-498-1880, john@live206.com or www.live206.com.

(Statistics are deemed reliable but are not guaranteed. All information should be verified to the users own satisfaction.)

  • Andy

    What the hell is this crap.  Highly disappointing.

  • Fremonster

    Shoot, at last/least it's a new story even if it is a commercial. Be thankful and of good cheer, you could be selling/buying/shilling too.

  • Dave_0

    Sorry Mr. Madrid I didn't actually read your post (Thanks Fremont U. for being clear that it is sponsored!). Since I started following the real estate market in 2005, I learned to ignore pitches from real estate salespeople. Let me guess what you have to say… Now is a good time to buy, right? And you can help me do that, right? Imagine that, a salesperson saying to buy his product!

    For those readers out there that want real insights into the local Real Estate market, without the sales pitch spin, take a look at Seattlebubble.com. I've been reading that blog for over 7 years, and it is the best source you will find on local single-family real estate statistics.




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