2011 Q3 Seattle Metro Report by Windermere Wall Street

Windermere Real Estate

Market Review

Seattle Metro A special report on residential real estate sales in King County 2011 Third Quarter: July Aug Sept

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Third Quarter July / Aug / Sept 2011 From the NWMLS, NWREporter October 5 release - KIRKLAND, WA. NWMLS. “This market is proving to be challenging, but not for the reasons you might think,” said OB Jacobi, president of Windermere Real Estate Co. He pointed out interest rates are low, affordability is high, and confidence in the housing market is improving. “These are all good things, but the result is an influx of motivated buyers in a market where inventory levels have not yet caught up to the demand.” Jacobi, a member of the Northwest MLS board of directors, said one consequence is “stiff competition for move-in ready homes that are priced right, especially in neighborhoods close to Seattle.” Read more on our blog: www.WindermereWestSeattle.com Area

SEATTLE CORE Downtown, Belltown IN-CITY Queen Anne, Magnolia

NW SEATTLE Ballard, GreenLake, Fremont, Wallingford NE SEATTLE View Ridge, Maple Leaf, Northgate CENTRAL SEATTLE Capitol Hill, Central District, Madison Park SE SEATTLE Beacon Hill, Mt Baker, Columbia City, Seward Park, Rainier WEST SEATTLE

Number of Homes Sold Q2

Average Sold Price

Median Sold Price

Average Size (Sq Footage)

Days on market DOM

Houses

Condos

Houses

Condos

Houses

Condos

Houses

Condos

Houses

Condos

na

116

na

$480,883

Na

$350,000

Na

1038

na

84

142

62

$648,077

$334,995

$549,000

$297,000

2319

1069

68

72

351

63

$449,175

$244,923

$409,000

$229,000

1963

946

34

58

259

38

$502,302

$202,209

$419,000

$189,950

2041

933

40

89

193

108

$729,602

$317,228

$515,000

$232,550

2197

855

53

74

206

14

$339,005

$200,903

$273,375

$205,500

1809

1098

49

66

290

32

$364,224

$265,216

$308,990

$210,000

1805

1044

66

151

All data compiled from NW Multiple Listing Service, this information is deemed reliable, but is not a guarantee nor is it guaranteed, and should be verified to your satisfaction.

Pricing Trends October 2011 Metro Seattle Real Estate Market Update - Residential Windermere tracks key performance indicators to determine the current state of the market and to anticipate trends within Metro Seattle: from West Seattle to Lake Washington and north to Shoreline & Kenmore. We trust that this data combined with our expertise will help you make sound decisions.

PRICE TRENDS Prices for closed sales of single family homes in Metro Seattle declined slightly in September 2011— a continuing buying opportunity. Low priced distressed homes continue to hold prices down while buyers of upper end homes are seeking value, taking time to make a purchase decision. Market time overall is declining: The average time on market for single family homes in King County dropped in September 2011 to 68 days, compared to 75 days in September, 2010.

MARKET ACTIVITY In September, housing inventory, pending sales, and closed sales remained relatively stable.

According to Windermere Real Estate President OB Jacobi, buyers are feeling the impact of low supply “due to an influx of motivated buyers in a market where inventory levels have not yet caught up to the demand.” These dynamics create competition for move-in ready, entrylevel homes that are priced right, especially in Metro Seattle neighborhoods.

30 Year Fixed Rate Mortgage Interest Rates

FINANCIAL MARKET TRENDS Interest rates remain at historically low rates and future changes are difficult to predict. However, when the economy improves, interest rates will likely increase.

The current low cost of money, combined with low prices, is advantageous for buyers using 15and 30-year mortgages. With many electing to rent, the real estate market is well positioned for savvy investors. Contact us today to learn more.

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