In case you haven’t seen it, we just listed a pretty cool mid-century modern house in Seward Park as well as a killer new construction home in Beacon Hill so we figured we’d take a wide angle look at the Central Seattle real estate market. Below you’ll see graphs pertaining to NWMLS Areas 380, 385, and 390 which includes neighborhoods like Capitol Hill, Madison Park, Beacon Hill, Seward Park, Mt. Baker, and Leschi.
First, let’s take a look at the number of homes that were available for sale in September and the number of homes that sold. We are starting to see more and more homes come on the market which should help cool down some of the fury in the marketplace. In fact, in September more homes hit the market in these neighborhoods than we’ve seen over the entire year and we actually saw the number of sold homes drop for the 3rd month in a row. Is this a permanent shift in the marketplace or did buyers just get burned out from the crazy summer months? We’ll have to wait and see but it possible that this is just the beginning of the holiday season slow down…
Speaking of slowdowns, let’s not read into that phrase too much just yet. Even though things were a touch slower in September than they have been throughout 2015, we are still experiencing a significant inventory deficit, as depicted by the graph below.
With only 1.5 months of inventory available, we are WELL below what would be considered a balanced market with 3 to 6 months of inventory and FAR from it becoming a buyer’s market where inventory levels are at 7 months+.
Finally, just because we saw sellers have a little bit more competition in the marketplace and they may have seen their house sit on the market for an extra week, this doesn’t mean that they were making any concessions on their sales price. As you can see below, sellers in these neighborhoods still garnered 100% of their asking price on average – which is nothing to be disappointed by!
Bottom line, if you are planning to sell your house, yes these stats matter but at the end of the day, a home in a great neighborhood, that is priced appropriately and marketed well is not going to have any trouble selling. If you’d like to learn more about how Wilcynski Partners can help you sell your Seattle area home with a customized pricing and marketing strategy, please get in touch today. We’re happy to answer any questions you may have and we welcome the opportunity to earn your business!