(This is a sponsored story written by John Madrid, Managing Broker with John L. Scott Real Estate).
What a difference a year makes ? sale prices continue their climb and time on market continues to drop. It is definitely turning into a seller?s market.
For the 10th out of the last 12 months the median sale price for single-family homes sold on Magnolia & Queen Anne met or exceeded the sale price for the same period a year prior. Much of this trend can be attributed to a decrease in the supply of new listings in 2012 compared to 2011.
In addition to a shortage of inventory, record low interest rates, continued strong hiring by Amazon, Microsoft and a slew of smaller to midsize companies and a general belief that the market has hit bottom has resulted in strong appreciation for most Seattle home owners and sellers in 2012.
The median sale price for single-family homes sold in 2012 on Magnolia & Queen Anne was $565,000 compared to $527,500 for 2011, an over 7% increase. The average time on market decreased to 51 days for 2012 from 60 days in 2011.
A less than a 3 month supply of homes is generally considered a Seller?s market while 3-6 months in inventory is considered a ?balanced? market. The overall supply of Magnolia & Queen Anne homes averaged around 2.7 months of inventory for 2012 versus a 4.2 month supply for 2011.
Expected trends for 2013 include continued low interest rates and inventory as well as multiple offers situations for competitively priced homes in popular neighborhoods including Magnolia & Queen Anne with their great walkability, popular schools and proximity to downtown.
More stats on other Seattle neighborhoods can be found here.
Tip: Even in a strong home Seller?s market amazing photos and professional marketing materials (including a custom website and full color two sided flyers) can result in a quicker sale and the best sale price.
John Madrid is a Managing Broker with John L. Scott Real Estate – University Village and is a 2005-2012 Seattle Magazine “Five Star” Agent. His clients include both home buyers and sellers. He can be reached at 206-498-1880, john@live206.com or www.live206.com.
(Statistics are deemed reliable but are not guaranteed. All information should be verified to the users own satisfaction.)
Dead cat bounce….fundamentals that support housing and the overall economy are very weak. The only reason prices “rebounded” a bit is that the FED has bottomed out interest rates to artificially low levels in DESPERATION to keep house prices propped up because so many state/cities run off assessed values.
The economy is recovering, sorry your man lost.
Agree with you 100% Nick. Our man won. We recovered from the mess Bush created. I hope history gives our man credit for the foul mess he was given at the start and what he did in the face of incredible noncooperation.
On this site there have also been ardent gun supporters too. Now that plenty of kids have been massacred as well as other innocents I hope everyone fighting for their precious gun rights and who has been buying up guns realizes our man isn’t going to let all those deaths be in vain.
But back to the economy….Indeed the new hiring and improvement in the economy do warrant the improvement in the housing market, but the recession made prices in Magnolia tank so low it will take years for prices to recover to what they were, if ever.
The rent is too damn high.
Only because your landlord can get it. That is an effect of the housing situation improving for him. When you buy, you will have the same benefit. In the meantime, live at a lesser rent and save to be an owner.
I was an owner until I moved to CrazyTown. I would think it’s very rare that someone can move into Seattle from another part of the country and actually afford to buy a house. I still don’t think real estate prices here have fallen to a rational level. They need to be about a third of what they are.
But don’t you think its about supply and demand? I am sure you could buy a palace in Iowa for what a small house costs in MAgnolia…where you can get to work in under 15 minutes downtown, traffic allowing. Seattle is expensive because the good jobs are here. Houses cost less in Everett and less still in Mt Vernon. Because its like the dog wagging the tail…and the outlying areas are the tail.
Keep on building the condos in Seattle, all you do is drive up my housing value…