2013 Q1 Seattle Metro Market Report

Windermere Real Estate

Market Review

Seattle Metro A special report on residential real estate sales in King County for First Quarter 2013 / January through March

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Windermere Real Estate/Wall St., Inc.

First Quarter 2013 From the NWMLS, NWREporter April release ‐ KIRKLAND, WA. Western WA housing indicators aligned for spring market to remember OB Jacobi, president of Windermere Real Estate Company, noted the month’s supply of homes in King County has dipped to about 1.2 months, well below the six‐month threshold that many in the industry consider to be “normal.”

Jacobi, who is also on the MLS board of directors, noted supply is at its lowest level since May 2005 during the peak of the housing boom. “The impact of low inventory levels is s ff compe on among buyers, o en resul ng in homes selling for well over asking price,” he remarked. Also, he added, the imbalance also leads to rising median prices.

Area

Number of Homes Sold Q1

Average Sold Price

Median Sold Price

Days on market DOM

Houses

Condos

Houses

Condos

Houses

Condos

Houses

Condos

SEATTLE CORE Downtown, Belltown 701

Na

99

Na

$712,247

Na

$495,000

Na

63

IN-CITY Queen Anne, Magnolia 700

101

85

$703,152

$323,007

$650,000

$285,000

42

64

NW SEATTLE Ballard, GreenLake, Fremont, Wallingford 705

323

65

$497,609

$249,296

$455,000

$230,000

25

44

NE SEATTLE View Ridge, Maple Leaf, Northgate 710

206

57

$507,685

$199,566

$446,000

$170,000

33

51

CENTRAL SEATTLE Capitol Hill, Central District, Madison Park 390

153

143

$690,337

$305,349

$589,000

$275,000

39

64

SE SEATTLE Mt Baker, Leschi Columbia City, Seward Park, Rainier 380

134

5

$387,017

$138,290

$340,000

$125,000

55

177

SE SEATTLE Beacon Hill, SODO Georgetown 385

55

8

$284,432

$174,852

$275,000

165,959

35

78

247

42

$378,595

$294,306

$341,000

$254,950

37

82

WEST SEATTLE 140

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.

First Quarter 2013 Residential Home Sales Trends for Q1 2013

Depic ng Number of homes sold by Area

And Medial Sales Price by Area

HOME PRICE TRENDS 2013 began with con nued price sta‐ bility, largely due to con nued, con‐ sistent demand for well‐priced hous‐ ing. First me buyers, reloca on buy‐ ers as well as investors are compe ng to capitalize on historical housing affordability and favorable interest rates with Windermere brokers re‐ por ng frequent mul ple offers on homes in the lower and middle‐price ranges. These factors may result in some price apprecia on, especially through Spring, 2013, when sales tend to be historically most brisk.

Condominium Sales Trends for Q1 2013 Depic ng Number of homes sold by Area And Medial Sales Price by Area

CONDO PRICE TRENDS Sea le area condo prices reached an 11 month peak in March 2013, with an average closing price of $400K, a func‐ on of declining inventory and the his‐ torically strong spring buying season.

Nearly all new mul ‐family residen al buildings under construc on are de‐ signed for the apartment market. This will support and protect prices, at least un l apartments are converted to con‐ dominiums. The savvy investor may wish to focus on this product type, as condo prices have yet to enjoy the strength of the housing recovery. www.windermere-wallstreet.com

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Windermere Real Estate - West Seattle Office 4526 California Avenue SW 206.935.7200 www.Windermere.com

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