This February we saw another unbalanced month of real estate in the northwest Seattle market. It continued the trend of last year of being a very strong sellers market as home prices jumped when compared year over year. With less homes coming on the market it is forcing the many buyers in the market to pay more, be aggressive with their offer, and compete in a multiple bid process, where often times the final sales price will end up well above the asking price. Below are some stats that will reinforce these points.
For February 2015
10% fewer homes came on the market than in February 2014
7% fewer homes sold than in February 2014
The median home sold went for 16% more than in February 2014
There is currently less than a 1 month supply of inventory (which is lowest in King County)
Average days on market is 34 days (lowest in King County)
If you have any questions about the northwest Seattle real estate market feel free to reach out and we would be happy to assist.
*Statistics not compiled or published by the Northwest Multiple Listing Service
Overall January was a promising month for the 705 area of Seattle which includes Ballard, Fremont, and other N. Seattle neighborhoods that are west of the I-5 and South of 145th St. This past month the number of new listings increased by over 33% compared to January 2013 which is great news since we are currently at a one month supply of inventory. Hopefully this trend continues as we move toward the spring so that we can get closer to a healthier level of inventory.
The median sold price in N. Seattle also increased by 6% compared to January 2013 from $430,000 to $456,000 in January 2014. The 705 area is well beyond the average median home price of King County. January was a strong start to the New Year. With home values increasing, more buyers looking for homes, and as N. Seattle continues to be one the most preferred areas in Seattle to live in, 2014 looks to be a great time to be in the market.