Seattle Real Estate Market Update September 2014

Listing Inventory

Below is a table comparing the number of active listings (supply) and pendings (demand) for several of the Seattle neighborhoods I specialize in: Central Seattle, Queen Anne / Magnolia, Belltown / Downtown, Ballard / Greenlake, and North Seattle.

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The above includes residential and condos.

Our fall market is starting off in an interesting fashion where inventory is shifting throughout the city. As you can see in the above table, inventory as increased or decreased slightly in most areas, but Queen Anne/Magnolia’s shift is most dramatic with an increase in active listings and a decrease in pendings. Since this is an area of the city that has seen some of the greatest demand in recent months, this could provide a little breathing room for buyers wanting to buy in that area. When the MLS measures the market, they also look at “months of inventory” which indicates that at the current demand, if no additional homes went on the market, the inventory would be purchased within “x” months. For Queen Anne/Magnolia, we are looking at two months of inventory for September. It has fluctuated between 1-3 months since March of 2012.

In Belltown, inventory decreased slightly but the pending numbers are up 30% over August and 81.4% over last year. Belltown’s Months of Inventory have fluctuated between 2-4 months since March of 2012 and is currently listed at 3 months.

Central Seattle is currently at two months of inventory (it has fluctuated between 1 and 3 since March, 2012), Ballard/Greenlake is currently at 1 month of inventory (where it has solidly been since February of this year), and North Seattle is also at one month of inventory which is where it has been since January of 2013.

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Median Sales Prices

Median Sales Prices are on the rise across the city, comparing September of 2013 to September of 2014. These are modest price increases that can spell great news for homeowners with increased equity.

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Want to know how the fall is shaping up in your neighborhood? Please give me a call or send me an email: (206) 226-5300 or sold@windermere.com.

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