Inventory of Listings
Below is a table comparing the number of active listings (supply) and pendings (demand) for several of the Seattle neighborhoods I specialize in:
If you are a seller or a buyer looking at the market, it is important to keep your eye on changes in inventory. I not only watch the market as a whole, but at individual home styles and price points also to keep on top of what is selling and how quickly so I can strategize with my clients.
Median Sales Prices
Median Sales Price changes have increased in Central Seattle, Queen Anne/Magnolia, Belltown/Downtown, Ballard/Greenlake, and North Seattle year over year comparing July 2014 with July 2013:
We added a few more listings to our inventory in July which should cause the price appreciation speed to get back to the single digits. However, demand is still high. In fact, I currently have eleven listings and all of them are under contract but two.
In case you missed it, Seattle hit a milestone in July when we achieved a median sales price of $525,000 for residential sales. That surpassed the previous all-time high median sales price of $498,000 set in July of 2007.
You need an expert to keep up with the constant changes in this market. If you need information on your real estate investment, please contact me at firstname.lastname@example.org or give me a call: (206) 226-5300.