Windermere Real Estate
Seattle Metro A special report on residential real estate sales in King County for First Quarter 2013 / January through March
w 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, o1en resul/ng in homes selling for well over asking price,” he remarked. Also, he added, the imbalance also leads to rising median prices.
Number of Homes Sold Q1
Average Sold Price
Median Sold Price
Days on market DOM
SEATTLE CORE Downtown, Belltown 701
IN-CITY Queen Anne, Magnolia 700
NW SEATTLE Ballard, GreenLake, Fremont, Wallingford 705
NE SEATTLE View Ridge, Maple Leaf, Northgate 710
CENTRAL SEATTLE Capitol Hill, Central District, Madison Park 390
SE SEATTLE Mt Baker, Leschi Columbia City, Seward Park, Rainier 380
SE SEATTLE Beacon Hill, SODO Georgetown 385
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 stability, largely due to con/nued, consistent demand for well-priced housing. First /me buyers, reloca/on buyers as well as investors are compe/ng to capitalize on historical housing aďŹ€ordability and favorable interest rates with Windermere brokers repor/ng frequent mul/ple oďŹ€ers 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 Sea3le 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 historically strong spring buying season. Nearly all new mul/-family residen/al buildings under construc/on are designed for the apartment market. This will support and protect prices, at least un/l apartments are converted to condominiums. 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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