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April Fooling? Seattle Real Estate Stats Confusing

Blog by Kristen Meyer | May 6th, 2011

The Seattle median home price is down 7.1% since April of 2010.  Pending sales are down as well.  Then why have our clients been in bidding wars for the last month?  The data is very interesting, at least to a major numbers nerd like myself.  We've been observing wildly different micromarkets in King County depending on neighborhood and price point.

For example, if you are a homebuyer looking in Ballard and many other north end neighborhoods in the median range (currently $385,000 in Seattle) you are not alone.  Homes that are listed at fair prices and in good condition in those neighborhoods are going under contract within a week and often with multiple offers. 

If you are thinking about listing a house in the Admiral District of West Seattle in the $500,000ish range - call us!  There are buyers waiting in the drainage ditches with pre-approval letters in hand.  They may be looking in your windows to see if you're filling out a seller disclosure form.

Trying to sell a home in North or Southwest King County and it feels like No Taker's Acres?  Sales are down 32.3% and 20.7% respectively.  This is due largely to the higher concentration of distressed homes in those neighborhoods.

In short, the odds are good but the goods are odd.  There are high inventory counts in many neighborhoods but try finding a decent house among them.  The effect of short sales, foreclosures and bank owned properties is weighing the market down overall but the degree of impact varies wildly.

If you have questions about if now is the right time to buy or sell a home, feel free to contact us for some hassle-free insight on the Seattle Real Estate market.

Here is the complete article from today's Seattle Times: