MARKET UPDATE: CAPITOL HILL – July 2015
Time is once again proving to be on the side of sellers. Real estate in the Central Seattle area, which includes neighborhoods like Capitol Hill, Montlake, Madison Park, Eastlake and Beacon Hill, continues to be hot – with the number of homes for sale in July down an impressive 33.8% over the same month in 2014 but the number of homes with accepted offers and moving towards closing UP 37.5% over July of 2014. Less inventory + More Active Buyers = A HUGE opportunity for sellers!
This combination of low inventory and an active buyer pool is also driving the average days a home is on the market down to a 15 month low of just 18 days and causing multiple offer situations that are driving the average sales price up an average of 2% over the sellers’ original asking price.
Need more proof that inventory levels are low? This graph shows that the Central Area is still only seeing a 1 month supply of homes hit the market, down 32.8% from July of 2014.
Bottom line, if you own real estate in the Seattle area, specifically real estate in and around the Capitol Hill neighborhood, this year continues to be a fantastic time to sell. As agents who live and work in the Capitol Hill area, we know the subtle nuances of the neighborhood’s marketplace and would be happy to put together a comprehensive market analysis for you to review. Just give us a call any time.