Seattle Real Estate Trends: March 2016

I am glad to see the number of homes on the market picking up as there are a lot of buyers out there who need to buy homes! I have ten listings and six of them pended in about seven days. The others haven’t been on the market yet a week but I expect them to go fast.

Let’s see what happened in Seattle’s March real estate market in key neighborhoods:

Inventory and Pendings

Below we compare the number of active listings (supply) and pendings (demand) for several of the key Seattle neighborhoods including Central Seattle, Queen Anne and Magnolia, Belltown and Downtown, Ballard and Greenlake, and North Seattle. Our table includes single family residences as well as condos comparing March 2015 and 2016.

2016-03-market-update-1

Median Sales Prices

Median sales prices are up at least 20% in all areas comparing March 2015 versus March 2016 numbers. See the tables below!

2016-03-market-update-2

Imagine you had upgraded your home a year ago and moved from a $500,000 to a $750,000 home. Based on median sales prices alone, assuming 20% gain, that $500,000 home would be priced at $600,000 (a $100,000 gain), but the $750,000 home would be priced at $900,000 (a $150,000 gain or $50,000 more than if you had stayed put). Where will prices be in a year? 10% more? 15%? An upgrade could put you in a greater equity position and a nicer home!

If you would like to learn more about what is happening in your neighborhood, let’s talk! Please contact me – your Seattle Home Guy – at sold@windermere.com or give me a call: (206) 226-5300.

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