Wallingford Real Estate – EastsideHomes.com

King County Real Estates Price Are Up 9.7% Compared to 1 Year Ago.

Tony Meier — Tue, 06 May 2014 22:03:32 +0000

Housing activity in Western Washington ranges from “red hot” to “slowly healing”

KIRKLAND, Wash. (May 6, 2014) – Brokers report some skittishness among both buyers and sellers, but the latest statistics from Northwest Multiple Listing Service indicate the housing market is continuing to rebound. Both the number of pending sales and the number of new listings added to inventory during April reached their highest levels in 11 months.

Closed sales of single family homes and condominiums were slightly below the year-ago volume, while the median sales price rose slightly (up about 1.9 percent).

“The residential market is red hot,” reported J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. He said multiple offers are the “norm” for new listings, with about two-thirds of homes near job centers selling in the first 30 days. That’s about twice the normal rate, according to Scott.

Many areas outside the Greater Seattle job centers also show signs of positive activity, but at a more moderate pace.

“The real estate market continues to show positive signs both locally and nationally,” stated John Deely, one of the directors of Northwest MLS.

MLS members reported 9,590 pending sales of single family homes and condominiums during April, about even with the same period a year ago when brokers tallied 9,600 mutually accepted offers. Last month’s total marks the highest level since May 2013 when the MLS reported 10,045 pending sales across its 21-county area.

Improving inventory is helping to boost sales, but MLS officials say the number of distressed sales in some areas, and shortages of the “right kinds” of inventory persist, are causing some drag on activity. Some brokers also expressed concern about the sluggish pace of new construction.

Members added 11,043 new listings to inventory during April, about 700 more than a year ago for a 6.7 percent gain. At month end, there were 21,390 listings system-wide, up nearly 7.9 percent from twelve months ago when active listings totaled 19,826.

“A lot of potential sellers who would like to move up are reluctant to list due to uncertainty that there will be something on the market they would want or be able to purchase,” said Northwest MLS director Diedre Haines. Changes in the new construction segment are also affecting activity, she suggested.

Other brokers had similar comments about current inventory.

“We are still desperate for inventory in spite of statistics indicating we have more listings,” commented MLS director Kathy Estey. Inventory is being held back because potential sellers fear they will sell their home and not find one to move into, said Estey, the managing broker at John L. Scott in Bellevue.

The result is a catch-22 situation “because nearly no one will accept a contingent offer,” according to Estey. Also, she explained, “bridge financing is scarce and risk tolerance is low” as a result of the hangover from the recession.

The imbalance between supply and demand is reflected in the market indicator known as months of supply, a ratio of active listings and sales. Industry experts say a balance occurs (favoring neither buyers nor sellers) with four-to-six months of supply. The National Association of Realtors® tends to use six months of supply as its gauge.

MLS figures show there is slightly less than 3.5 months of supply area-wide, but amounts vary widely around its service area. Eight counties are below the 6-month threshold, including three counties with less than four months of supply: King (1.74 months), Snohomish (2.47) months, and Pierce (3.6 months).
Tight inventory is creating bidding wars in some sought-after neighborhoods, resulting in some price escalation.

The median price on last month’s sales area-wide was $275,000, rising from the year-ago figure of $269,950 for a gain of nearly1.9 percent. Twelve counties reported year-over-year increases. For single family homes the median price was $287,500, up about 2.7 percent from a year ago. The median price for condos that sold last month jumped nearly 8.3 percent from a year ago, rising from $203,000 to $219,750.

In the Puget Sound region, price changes for sales of single family homes and condos were mixed. King County had the sharpest gain at 9.7 percent versus a year ago, followed by Snohomish County, up about 7.6 percent. Prices dipped slightly in Pierce County (down 0.9 percent) and were basically unchanged in Kitsap County (down 0.15 percent).
Deely, the principal managing broker at Coldwell Banker Bain in Seattle, noted a surge of sales of high-end properties in King County. His analysis of year-to-date sales shows the number of closed units is up about 25 percent, rising from 377 for the first four months of 2013 to this year’s total of 473. He cites research by Core Logic that shows a correlation between million dollar homes sales and stock market gains. “We are experiencing that effect here as well,” he remarked.

South Puget Sound seeing impact of distressed properties
Distressed properties are still influencing activity and prices in the South Sound, reported Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma. According to his analysis of Northwest MLS data, about 30 percent of April’s sales in both Pierce and Thurston counties were distressed properties, either bank owned or short sales. He noted this appears to be more than twice the ratio in King County.

Buyers are indecisive, Beeson noted, explaining, “They can’t decide if they like a bigger selection or not, especially if much of the inventory is not in the greatest physical condition, which describes many distressed properties.”

Despite the relatively high proportion of distressed properties in Pierce and Thurston counties, multiple offers are occurring on “right priced, right conditioned” listings, remarked Beeson.
Commenting on the minor price drop (down 0.15 percent) compared to a year ago, Beeson believes it is due to the high number of bank owned properties and short sales that were in the mix. He indicated his analysis revealed a median price of $240,000 for non-distressed single family homes, or about 30 percent higher than the distressed component. The gaps in King County, with a smaller proportion of distressed sales, were not as pronounced.

Snohomish County hoping for more balanced market
Haines, who is Coldwell Banker Bain’s regional managing broker for Snohomish County, said even though brokers there have seen “a slight increase in active listings, there are still shortages, especially in the south portion of Snohomish County.” Buyers, sellers, and those in the industry “long for a more balanced market,” she stated, adding, “Of course, to reach that goal, we need more inventory.”

Haines said brokers in Snohomish County aren’t seeing as many widespread multiple offers as during some prior periods. “Multiple offers do exist but seem to be located more in pockets within south and north Snohomish County,” she reported.

Opportunities abound in Kitsap County
Most of Kitsap County continues to experience a healthy balanced market with a 4.3 month supply of inventory, said MLS director Frank Wilson. “As a result our prices are stable with plenty of opportunity for buyers who wish to move to Kitsap,” he added.

Wilson also commented on multiple offers in Kitsap County where his office is located. Sales for homes priced from $200,000 to $350,000 are “pretty fast paced,” he commented, often drawing multiple offers. “Bainbridge more closely resembles the Seattle market, with only about a 2.2 month supply, and thus attracts many multiple offer situations,” added Wilson, the district manager and branch managing broker at John L. Scott Real Estate Poulsbo.

Slower pace of new construction and “buyer fatigue” worrying some brokers
In reviewing the latest MLS report, some brokers commented on changes affecting new construction.
“Most of the new construction we are seeing are by big builders who were able to buy up much of the foreclosed approved plats, raw land and new developments that were lost by the smaller builders during the recession,” noted Haines, a broker in Snohomish County. “The smaller plat developers and builders who are trying to recover and rebuild their business are, understandably so, a bit gun shy.”

Also, Haines continued, “We are seeing for the first time the big developers/builders utilizing in-house employees to manage and sell their plats as opposed to the historical practice of listing them through NWMLS by using traditional real estate firms and their brokers.”

Beeson also noted some “problematic” shifts in this segment. “New construction is mostly limited to a few large production builders,” he observed.

Other sources of worry for some MLS members are “buyer fatigue” and consequences of bidding wars.

“We are seeing some “push-back” by buyers who have seen prices rising so fast and are tired of competing in multiple offer situations,” reported Estey. For example, she noted, sellers sometimes set a “review date” for considering offers. Buyers preview the house but may wait to make an offer until that date passes. “In some situations the day to review comes, but offers do not. Then one or two days later, several offers materialize.” This same phenomenon took place late last spring, according to Estey.

In markets where multiple offers are common, “it is even more imperative that sellers demand that their home be exposed to the full market,” Wilson urged. Such full exposure to all MLS brokers and active buyers will help ensure sellers receive full market value, he explained.

Despite some anxiety, Beeson characterized the market as “stable and slowly healing, save new construction.” Despite a shaky start, he said he expects “a smooth real estate ride into 2015, as excitement builds in Pierce County and beyond when the men’s U.S. Open Golf Tournament will take place at Chambers Bay, a public course owned by Pierce County. Organizers project the event will have an economic impact of $144 million.

Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 21,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

Is King County Real Estate Still a Good Investment?

Tony Meier — Fri, 07 Mar 2014 00:43:10 +0000

Yes, in fact it is one of the best investments you can make! The graphic above is based upon national numbers, here is what King County looks like:

Residential Median Price in 2000 = $250,000

Residential Median Price in 2013 = $415,000

Total Increase = 66%

As much as my investment adviser would hate for me to tell you this, the Seattle area’s real estate market remains one of the best places to invest your money!

Whether it be purchasing your first home, moving up or buying an investment property, I can help! With 25 years of experience, I will make sure you next real estate move is a profitable one.

Contact me here:

Tony Meier
425-466-1000

Or fill out this form:
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Another Sign the Real Estate Market is in Recovery Mode – Mortgage Delinquencies in U.S. Fall Below 4%

Tony Meier — Thu, 13 Feb 2014 23:44:05 +0000

DAILY REAL ESTATE NEWS | THURSDAY, FEBRUARY 13, 2014

Mortgage delinquencies nationwide have plummeted to their lowest level in more than five years, as more home owners are coming out of the red on their payments, according to credit reporting agency TransUnion.

The number of borrowers who are at least two months behind on their mortgage payments dropped to 3.85 percent in the fourth quarter of 2013. A year prior, the delinquency rate stood at 5.08 percent.

Nevertheless, the mortgage delinquency rate is still about twice as high as it was prior to 2007.

“We are on the downward slope of the mortgage delinquency curve, so we expect to continue seeing delinquency rates that have not been seen for several years,” says Steve Chaouki, head of financial services for TransUnion.

Struggling home owners are shoring up their finances as home values and equity rise, the job market improves, and refinancing helps to lower their monthly payments, the survey notes. Plus, “many of the risky home loans made before 2008 that went unpaid are no longer a factor, since the homes have been sold or foreclosed upon,” the Associated Press reports. “Loans issued since then, after banks tightened lending standards, are less likely to go unpaid.”

What’s more, with rising home values, borrowers increasingly are saying that keeping up with their mortgage payments is a priority over other financial obligations — a reversal from the days of the recession, says Chaouki.

The states that posted the largest annual declines in the mortgage delinquency rate were Arizona, California, and Nevada. New York and New Jersey were the only two states that did not post a double-digit percentage drop in their mortgage delinquency rates, according to TransUnion.

Source: “Fewer Americans Fall Behind on Mortgage Payments,” The Associated Press (Feb. 12, 2014)

Rising Prices Chip Away at Housing Affordability

Tony Meier — Wed, 12 Feb 2014 22:57:10 +0000

DAILY REAL ESTATE NEWS | WEDNESDAY, FEBRUARY 12, 2014

Strong year-over-year price gains are starting to take a bite into housing affordability, particularly in the West, according to the National Association of REALTORS®’ latest quarterly report.

The median single-family home price rose in 73 percent of the markets, or 119 out of 164 metro areas, in the fourth quarter of 2013, with 26 percent, or 42 of those metros, posting double-digit gains.

“The vast majority of home owners have seen significant gains in equity over the past two years, which is helping the economy through increased consumer spending,” says Lawrence Yun, NAR’s chief economist. “At the same time, home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability.”

The national median existing single-family home price in the fourth quarter was $196,900, up 10.1 percent from $178,900 one year earlier.

NAR’s Housing Affordability Index, calculated on the relationship between median home prices, median family incomes, and the average effective mortgage interest rate, dropped to 175.8 in 2013 from a record high of 196.5 in 2012. The higher the index, the stronger household purchasing power is, according to NAR.

Yun says tight inventories have accounted for most of the double-digit price growth. The average supply of homes for sale in the fourth quarter was 4.9 months – an improvement over the 4.8 months a year ago, but still not what most economists consider healthy of a 6 to 6.5 month supply. Yun says that new home activity needs to increase in fast appreciating markets to help relieve the upward pressure on home prices.

“Added housing supply will help moderate price growth this year, and should help to stem erosion in affordability, but mortgage interest rates are projected to rise above 5 percent by the end of the year,” Yun says.

The five priciest housing markets in the fourth quarter were:

San Jose, Calif.: $775,000
San Francisco: $682,400
Honolulu: $670,800
Anaheim-Santa Ana, Calif.: $666,300
San Diego: $476,800

On the other hand, according to NAR’s report, the following metro areas had the best housing affordability conditions in 2013:

1.    Toledo, Ohio
2.    Rockford, Ill.
3.    Decatur, Ill.
4.    Lansing-East Lansing, Mich.
5.    Springfield, Ill.

By REALTOR® Magazine Daily News

Monday’s Market Update – Seattle Area Condo

Tony Meier — Mon, 09 Mar 2009 18:40:22 +0000

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Seattle Area over the last 7 weeks. When looking at these numbers, keep this in mind:

1. These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@staging.eastsidehomes.com

2. These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Condo Only, NWMLS Area 140 (West Seattle) = 45.3 weeks of inventory

Condo Only, NWMLS Area 380 (Central Seattle) = 66.5 weeks of inventory

Condo Only, NWMLS Area 385 (SODO/Beacon Hill) = 78 weeks of inventory

Condo Only, NWMLS Area 390 (Central Seattle) = 29.9 weeks of inventory

Condo Only, NWMLS Area 700 (Queen Anne/Magnolia) = 39.3 weeks of inventory

Condo Only, NWMLS Area 701 (Belltown, Downtown) = 51.5 weeks of inventory

Condo Only, NWMLS Area 705 (Ballard/Greenlake) = 36.1 weeks of inventory

Condo Only, NWMLS Area 710 (North Seattle) = 24.4 weeks of inventory

Condo Only, NWMLS Area 715 (Richmond Beach) = 28.2 weeks of inventory

Condo Only, NWMLS Area 720 (Lake Forest Park) = 30.5 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@staging.eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@staging.eastsidehomes.com

Monday’s Market Update – Seattle Area Residential

Tony Meier — Mon, 03 Nov 2008 07:25:00 +0000

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Seattle Area over the last 7 weeks. When looking at these numbers, keep in this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Residential Only, NWMLS Area 140 (West Seattle) = 25.8 weeks of inventory

Residential Only, NWMLS Area 380 (Central Seattle) = 33.2 weeks of inventory

Residential Only, NWMLS Area 385 (SODO/Beacon Hill) = 26.7 weeks of inventory

Residential Only, NWMLS Area 390 (Central Seattle) = 33.5 weeks of inventory

Residential Only, NWMLS Area 700 (Queen Anne/Magnolia) = 34.9 weeks of inventory

Residential Only, NWMLS Area 705 (Ballard/Greenlake) = 19.9 weeks of inventory

Residential Only, NWMLS Area 710 (North Seattle) = 20.9 weeks of inventory

Residential Only, NWMLS Area 715 (Richmond Beach) = 36.8 weeks of inventory

Residential Only, NWMLS Area 720 (Lake Forest Park) = 25.7 weeks of inventory

If you have any questions on this information or would like to know the strength in your area and price range, I welcome you to email me at tony@staging.eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@staging.eastsidehomes.com

Monday’s Market Update – Seattle Condos

Tony Meier — Mon, 09 Jun 2008 15:53:18 +0000

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Seattle Area over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Area 710 remains the bright spot on this chart with lots of movement in the under 300k range. Area 140 is off across the board and has 110 weeks of inventory in the 300-399k range. Should be some opportunities there!

Condo Only, NWMLS Area 140 (West Seattle) = 43.1 weeks of inventory (was 28.2 four weeks ago)

Condo Only, NWMLS Area 380 (Central Seattle) = 25.4 weeks of inventory (was 23.2 four weeks ago)

Condo Only, NWMLS Area 385 (SODO/Beacon Hill) = 22 weeks of inventory (was 29.5 four weeks ago)

Condo Only, NWMLS Area 390 (Central Seattle) = 29.8 weeks of inventory (was 33.5 four weeks ago)

Condo Only, NWMLS Area 700 (Queen Anne/Magnolia) = 39.4 weeks of inventory (was 30.3 four weeks ago)

Condo Only, NWMLS Area 701 (Belltown, Downtown) = 36.6 weeks of inventory (was 31.2 four weeks ago)

Condo Only, NWMLS Area 705 (Ballard/Greenlake) = 28.6 weeks of inventory (was 32.4 four weeks ago)

Condo Only, NWMLS Area 710 (North Seattle) = 16.4 weeks of inventory (was 17.9 four weeks ago)

Condo Only, NWMLS Area 715 (Richmond Beach) = 30.1 weeks of inventory (was 25.8 four weeks ago)

Condo Only, NWMLS Area 720 (Lake Forest Park) = 40.4 weeks of inventory (was 34.8 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@staging.eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@staging.eastsidehomes.com

Monday’s Market Update – Seattle Residential

Tony Meier — Mon, 02 Jun 2008 17:50:56 +0000

My usual statistics are unavailable this week, so we are going to look at something different. As in the past… I will use the great information from Trendgraphix. We are going to chart the Seattle Metro Residential market since February 2007. Here is the trend for homes over the last year.

This first chart shows how the inventory has climbed steadily since last year and sales have fallen. We had as much as 35% of the inventory selling in March of 2007. April 2008 only has 16% of the inventory going pending.

This next chart shows the average list price per month and the average sales price. The average is clearly trending down, which is the result of the supply vs. demand imbalance. Also, the difference in these numbers of nearly 150k would indicate that the lower end of the market is where the majority of sales are.

This last chart shows months of supply based upon the pending sales. We have gone from a hot sellers market to one that is more balanced and trending towards a buyer favored market.

If you have any questions on this information, I welcome you to comment or email me at: tony@staging.eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@staging.eastsidehomes.com

Monday’s Market Update – Seattle Residential

Tony Meier — Mon, 05 May 2008 18:36:33 +0000

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Seattle Area over the last 7 weeks. It appears that Seattle is back on the mend with many of the numbers returning to a balanced market. In fact, some areas and price ranges are clearly favoring the seller!

When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Another mixed week. Most areas showed declines with 380 coming up some. The bright spots still remain areas 705 & 710.

Residential Only, NWMLS Area 140 (West Seattle) = 21.4 weeks of inventory (was 19.4 four weeks ago)

Residential Only, NWMLS Area 380 (Central Seattle) = 25.2 weeks of inventory (was 30.8 four weeks ago)

Residential Only, NWMLS Area 385 (SODO/Beacon Hill) = 29.2 weeks of inventory (was 19.8 four weeks ago)

Residential Only, NWMLS Area 390 (Central Seattle) = 27.8 weeks of inventory (was 23.5 four weeks ago)

Residential Only, NWMLS Area 700 (Queen Anne/Magnolia) = 23.2 weeks of inventory (was 21.8 four weeks ago)

Residential Only, NWMLS Area 705 (Ballard/Greenlake) = 15.7 weeks of inventory (was 16.3 four weeks ago)

Residential Only, NWMLS Area 710 (North Seattle) = 14.7 weeks of inventory (was 14.7 four weeks ago)

Residential Only, NWMLS Area 715 (Richmond Beach) = 32.2 weeks of inventory (was 24.2 four weeks ago)

Residential Only, NWMLS Area 720 (Lake Forest Park) = 22.1 weeks of inventory (was 17.9 four weeks ago)

If you have any questions on this information or would like to know the strength in your area and price range, I welcome you to email me at tony@staging.eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@staging.eastsidehomes.com

Monday’s Market Update – Seattle Condos

Tony Meier — Mon, 14 Apr 2008 16:06:41 +0000

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Seattle Area over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

When compared to 4 weeks ago… it is kind of a mixed bag, with no general direction being shown at this time. Just as the Seattle Residential numbers were last week. Again, these stats are price range dependant with the lower priced condos moving faster than the upper end in general.

Condo Only, NWMLS Area 140 (West Seattle) = 33.8 weeks of inventory (was 34 four weeks ago)

Condo Only, NWMLS Area 380 (Central Seattle) = 24.4 weeks of inventory (was 28.8 four weeks ago)

Condo Only, NWMLS Area 385 (SODO/Beacon Hill) = NO SALES in last 7 weeks (was 23 four weeks ago)

Condo Only, NWMLS Area 390 (Central Seattle) = 36.5 weeks of inventory (was 28.8 four weeks ago)

Condo Only, NWMLS Area 700 (Queen Anne/Magnolia) = 28 weeks of inventory (was 31 four weeks ago)

Condo Only, NWMLS Area 701 (Belltown, Downtown) = 28.5 weeks of inventory (was 35.5 four weeks ago)

Condo Only, NWMLS Area 705 (Ballard/Greenlake) = 27 weeks of inventory (was 26 four weeks ago)

Condo Only, NWMLS Area 710 (North Seattle) = 21.4 weeks of inventory (was 20.9 four weeks ago)

Condo Only, NWMLS Area 715 (Richmond Beach) = 31.9 weeks of inventory (was 26.9 four weeks ago)

Condo Only, NWMLS Area 720 (Lake Forest Park) = 25.2 weeks of inventory (was 46.3 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@staging.eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@staging.eastsidehomes.com

Monday’s Market Update – Seattle Residential

Tony Meier — Mon, 07 Apr 2008 12:06:15 +0000

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

When compared to 4 weeks ago, it is kind of a mixed bag with some of the hotter areas slowing down a bit, and the cooler areas warming up. One thing is certain the lower end (under 5-600k) is stronger than the upper end of the market in all areas.

Residential Only, NWMLS Area 140 (West Seattle) = 19.4 weeks of inventory (was 19.4 four weeks ago)

Residential Only, NWMLS Area 380 (Central Seattle) = 30.8 weeks of inventory (was 35 four weeks ago)

Residential Only, NWMLS Area 385 (SODO/Beacon Hill) = 19.8 weeks of inventory (was 22 four weeks ago)

Residential Only, NWMLS Area 390 (Central Seattle) = 23.5 weeks of inventory (was 26 four weeks ago)

Residential Only, NWMLS Area 700 (Queen Anne/Magnolia) = 21.8 weeks of inventory (was 17 four weeks ago)

Residential Only, NWMLS Area 705 (Ballard/Greenlake) = 16.3 weeks of inventory (was 14.8 four weeks ago)

Residential Only, NWMLS Area 710 (North Seattle) = 14.7 weeks of inventory (was 13.4 four weeks ago)

Residential Only, NWMLS Area 715 (Richmond Beach) = 24.2 weeks of inventory (was 20.8 four weeks ago)

Residential Only, NWMLS Area 720 (Lake Forest Park) = 17.9 weeks of inventory (was 24.1 four weeks ago)

If you have any questions on this information or would like to know the strength in your area and price range, I welcome you to email me at tony@staging.eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@staging.eastsidehomes.com

Monday’s Market Update – Seattle Condos

Tony Meier — Mon, 17 Mar 2008 13:51:00 +0000

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Seattle Area over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Condo Only, NWMLS Area 140 (West Seattle) = 34 weeks of inventory

Condo Only, NWMLS Area 380 (Central Seattle) = 28.8 weeks of inventory

Condo Only, NWMLS Area 385 (SODO/Beacon Hill) = 23 weeks of inventory

Condo Only, NWMLS Area 390 (Central Seattle) = 28.8 weeks of inventory

Condo Only, NWMLS Area 700 (Queen Anne/Magnolia) = 31 weeks of inventory

Condo Only, NWMLS Area 701 (Belltown, Downtown) = 35.5 weeks of inventory

Condo Only, NWMLS Area 705 (Ballard/Greenlake) = 26 weeks of inventory

Condo Only, NWMLS Area 710 (North Seattle) = 20.9 weeks of inventory

Condo Only, NWMLS Area 715 (Richmond Beach) = 26.9 weeks of inventory

Condo Only, NWMLS Area 720 (Lake Forest Park) = 46.3 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@staging.eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@staging.eastsidehomes.com