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Rising Interest Rates Spur Buyer Competition
According to a recent report by the Northwest Multiple Listing Service, well-priced homes are drawing multiple offers, with jumps in both pending and closed home sales compared to this time last year. While the number of new listings is also up, the overall inventory of available homes is still low compared to buyer demand…and with interest rates starting to climb, the competition among buyers has reached a fever pitch.
Click here for the full article and a county-by-county statistical summary!
3rd Quarter 2012: Reviews for Seattle, Mercer Island & the Eastside
The Seattle market has remained incredibly active with sales up 15% over the same quarter last year—1855 homes sold in the third quarter of 2012 compared to 1609 homes sold during the same period in 2011. The average sales price slipped ever so slightly to $474,633 while the median sales price increased 4% to $407,000.
Condominium sales are up a whopping 33% in the third quarter. Mimicking the single-family trend, the condo average sales price is down while the median sales price is up.
Click here for the full report and to see how prices have changed in your neighborhood!
Mercer Island has seen brisk sales activity once again this quarter with sales up over 10% compared to the same quarter last year. A larger percentage of high end homes sales (deceptively) increased the average sales price to $1,405,792. The median sales price increased from $800,000 last year to $900,000 this year.
Brokers in the field note that the most desirable homes have received multiple offers and have seen moderate price appreciation in the past year, whereas more challenged properties have continued to languish. A handful of luxury estates have changed hands in the past quarter indicating continued strength in the upper end of the high-end market.
Click here for the full report and neighborhood-by-neighborhood statistics!
The Eastside has been a hotbed of activity with sales up over 28% compared to the same quarter last year—2086 homes sold in the third quarter of 2012 compared to 1634 homes sold during the same period in 2011. The average sales price, $623,836 was up 6% from third quarter 2011 while the median price remained the same at $510,000. The cost per square foot increased to $231.
Condominium sales were up 22% to 616 units sold this quarter with an increase in average sales price to $296,732 and a median sales price of $230,000.
Click here for the full report and to see how prices fared in your neighborhood!
© Copyright 2012, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.
Exploring the Puget Sound Region: Best Beaches
Picnic on the beach, build sandcastles, find a treasure, or just read a book and relax. I hope you enjoy these great spots to visit as you explore our beautiful Puget Sound region.
Best Beaches for Sand
Marina Beach—Edmonds
Alki Beach—West Seattle
Golden Gardens—North Seattle
Richmond Beach—Shoreline
Meadowdale Park—Edmonds
Discovery Park—Magnolia
Carkeek Park—North Seattle
Dash Point State Park—Federal Way
Best Beaches for Fires (In designated pits only)
Alki Beach—West Seattle
Golden Gardens—North Seattle
Best Beaches with Playgrounds
Seahurst Park—Burien
Marina Beach—Edmonds
Richmond Beach—Shoreline
Golden Gardens—North Seattle
Best Beaches for Sea Creatures
Brackett's Landing North and South—Edmonds
Seahurst Park—Burien
Howarth Park—Everett
Best Beach Walks
With a stroller:
Alki Beach—West Seattle
Lincoln Park—West Seattle
With a backpack:
Meadowdale Park—Edmonds
Discovery Park—Magnolia
Best Beaches for Picnic
Richmond Beach—Shoreline
Kayak Point Regional Park—Stanwood
Saltwater State Park—Des Moines
Dash Point State Park——Federal Way
Seahurst Park—Burien
Lake Sammamish State Park—Issaquah
Seattle Economy Ranked #3 in US
The Seattle-Tacoma-Bellevue area economy was recently ranked third strongest in the US for long-term growth and resiliency! Independent research firm Policom Corp. analyzed data from 1992-2010 and based its rankings consistent growth in both size and quality of 23 different economic factors.
Olympia also made the list at #11 with the Tri-Cities close behind at #13. Stronger economies (like ours) have shown an overall growing trend and resiliency in the face of our recent recession. Click here for the full article!
Source: NWREporter, http://nwmls.com
May Reports Show Home Prices Up
New listings in the month of May lowered absorption rates slightly in Seattle, the Eastside and King County while pending sales remained strong. Mercer Island saw a decent decline in pending sales…likely due, in part, to the lack of inventory for sale in key price ranges. Median sales prices are up in most areas and average sales prices are varied. By far, the strongest spring market we have seen in years.
Data prepared and analyzed by Julie Nugent for Windermere Real Estate/Mercer Island. For questions or comments, email Julie at julie@windermere.com.
Pending Sales Soar in Greater Seattle
The absorption rate based on pending home sales continues to be off the charts with listing inventory very low and sales activity brisk. Overall, prices have continued to slip slightly in all areas except Seattle Metro–which actually saw prices rise. Of note however, is the fact that distressed properties have sold for significantly less than non-distressed homes for sale.
Data prepared and analyzed by Julie Nugent for Windermere Real Estate/Mercer Island. For questions or comments, email Julie at julie@windermere.com.
