Windermere Real Estate
Seattle Metro A special report on residential real estate sales in King County 2012 First Quarter: Jan Feb Mar courtesy of John Grieco
w Windermere Real Estate/Wall St., Inc.
First Quarter Jan Feb Mar 2012 From the NWMLS, NWREporter May release - KIRKLAND, WA. Sales of 2nd Homes at Highest Level Since 2005 Last year’s sales of investment and vaca#on homes surged to their highest level since 2005, according to an annual survey of such transac#ons. NAR Chief Economist Lawrence Yun said investors with cash took advantage of market condi#ons in 2011. “During the past year investors have been swooping into the market to take advantage of bargain home prices,” he said. “Rising rental income easily beat cash si0ng in banks as an added inducement. In addi#on, 41 percent of investment buyers purchased more than one property.” Half of investment buyers said they purchased primarily to generate rental income, and 34 percent wanted to diversify their investments or saw a good investment opportunity. Read more on our blog: www.WallStreet.withwre.com Area
Number of Homes Sold Q1
Average Sold Price
Median Sold Price
Average Size (Sq Footage)
Days on market DOM
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
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 March 2012 Metro Seattle Real Estate Market Update - Residential | March 2012 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 Price stabilization is the hallmark of the first quarter of 2012, due in part to the seasonal strengthening in sales that occurs each spring. The market is twotiered, with distressed sales holding prices down in some areas. While low priced distressed properties continue to erode values, multiple offers abound for select neighborhoods, price ranges, and property types, as home buyers continue to take advantage of low interest rates and unprecedented housing affordability.
MARKET ACTIVITY Late February 2012 witnessed continued declines in the availability of single family homes for sale, together with a seasonal and year-over-year increase in sales activity. Windermere brokers report multiple offers on many listings. Year-over-year February pending sales increased from 505 to 571. Although these economic dynamics favor sellers over buyers, it remains to be seen whether this will translate into higher prices later in 2012 and 2013.
FINANCIAL MARKET TRENDS
Interest Rates: Rolling 13 Month Rates Shown as of 1st Business Day of Month
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March interest rates remain historically low. Future changes are difficult to predict. When the economy improves, interest rates will likely increase, as will home prices. Buyers tempted to waitâ€”hoping for real estate prices to drop furtherâ€”should bear in mind that small interest rate increases often offset large declines in price. For example, if interest rates go up by 0.25%, monthly payments for a home with a $300,000 loan amount will increase even if the value of the property declines by 2.5%.
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5.500 5.375 5.250 5.125 5.000 4.875 4.750 4.625 4.500 4.375 4.250 4.125 4.000 3.875 3.750 3.625 3.500
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John Grieco, Broker o. 206-448-6400 c. 206-240-7677 e. email@example.com w. urbanlivingwa.com
w Windermere Real Estate â€” Wall Street Office 2420 2nd Avenue, Seattle 98121 206.448.6400 www.Windermere.com