21 June 2012

Seattle Real Estate Market Update ~ I'm Abuzz About Seattle Condos and Snohomish County Values!

It's funny what gets you excited.  As a teacher, a few more details and a richer adjective or two from a single student could send me into outer space.  Now as a realtor entering year ten, seeing appreciation in markets that looked like wastelands just months ago makes me weak in the knees.  I regularly watch the Seattle condo market and keep an eye on Snohomish values as well.  The signs have been there for improved performance:  like the Seattle single-family market, inventory is down roughly 40% over last year at this time.  Still, prices have been falling in both markets for several years.  But that was not the case this May!  It made my week to see both markets UP over last May by roughly 7%!!!  I'll be the first to point out that this is one isolated month; give me 6-12 months before we really start to celebrate this appreciation as a trend.  Yet, never in my wildest dreams did I expect to see any kind of appreciation in these markets for several months, if not a year or more.  Yes, this certainly could be an aberration.  However, even a month or two of increases like these show phenomenal improvement over the wasteland of the recent past.

The Seattle single-family market continues to be hot.  Inventory in May was lower than it has been at anytime since the downturn, with 1.7 months of inventory based on pending sales - in other words, that red line continues to inch closer to the rave green bar on the graph below.  May prices are up year-over-year from $389K in '11 to $425K in '12.  Those who prevail in the ubiquitous multiple offer scenario oftentimes have to go 10-15% above asking price. 

Below you will find detailed statistics.  As always, let me know if I can be of help in anyway! 

These charts come from Trendgrafix, Inc. and represent all single-family homes (not condos but including town homes) in all Seattle areas.

No comments:

Post a Comment