Kates Seattle Real Estate Blog: Seattle Real Estate Market Report - October 2011

Seattle Real Estate Market Report - October 2011

Inventory:

Inventory continues to drop from last year and last month, (not unusual for this time of year though); condos included.  The North Seattle neighborhoods have as low as 3.3 months supply of housing for sale and on the high end are the Capitol Hill condos at 8.8 months of supply.

Short Sales and Foreclosures:King County Short Sales & Foreclosures

King County's short sales and foreclosures active listings are about 40% of inventory.  On the low end are North Seattle condos with only 10% of active listings being in the the foreclosure and short sale market and Kirkland condos are at the high end at 47%.

Prices:

Last month prices were down 9% from last year.  This month King County's average prices are down 12%.  Sammamish continues to be faring the best with a stable increase in median prices from 1-4% and the Capitol Hill condo market was down 14% from last year.

Other Highlights:

It really is all about location.  Each neighborhood has a different story:

North Seattle continues to see multiple offers on well priced properties and days on market are only 29.  Even townhomes are selling faster than last year.

Bellevue's days on market are 40.  Foreclosure percentage is at 15% which is comparably low.  About 82% of pending sales close which is comparably high.

Shoreline Real Estate Stats

 

 

Shoreline's median prices went from down only 2% (September numbers) to down 7% with October's sales. Their foreclosure rate is 23% and days on market are 56.

 

 

 

Bothell is looking better at 6% down from last year and only 4.4 months supply of available housing. 

 

 

 

The down markets are still condos: Capitol Hill 14%, North Seattle 11%, Edmonds 10%, (Downtown condos are down only 2% from last year -- this is a good sign!).

South Seattle Real Estate Stats

 

 

 

Single family dwellings currently in the downtrend are consistent with last months numbers:  Edmonds and South Seattle both 11% down from last year.

_________________________________________________________________

Kate Pedersen

Broker / Realtor ®

206.841.5947

Realty Executives

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Comment balloon 1 commentKate Pedersen • November 15 2011 06:10PM

Comments

It is all about location.  In some areas we seem to have hit bottom and some neighborhoods are close to bottom.  With interest rates at an all time low, below 4%, house payments are very affordable for many people.  Combine that with rental rates starting to rise and the housing market should start to swing back around in the Seattle area this year.  Is there a specific neighorhood you have interest in?  I'd be glad to track the statictics for you there.

Posted by Kate Pedersen, because life moves you (Metropolist) almost 8 years ago

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