LRE Blog
Personal thoughts from within the Luxury Real Estate network
A conversation with Seattle real estate agent Alex Lee of Ewing & Clark Inc. has exposed these findings - positive news regarding the Seattle market.
Year to date, for all of King County, the average time a home has been on the market is down slightly with the biggest decreases being in the more desirable areas. The area including Madison Park, Washington Park, and Capitol Hill is down from an average days on market of 72 to 70, while Queen Anne is down to 75 days from 86, for pending sales. Also, and even more encouraging, the average list price in Madison Park, Washington Park, and Capitol Hill has gone from $700,531.00 YTD in 2008, to $763,550.00 YTD so far in 2009, again for currently pending sales.
Buyers are actively looking for and purchasing properties in or near desirable neighborhoods. Lee has noticed that people are fighting over the more affordable properties in the best areas, with many buyers jumping at the chance to move into previously unobtainable neighborhoods.
Finally, while the real estate market is clearly down from 2007, buyers of all sorts, from first timer buyers to investors are jumping back into the market, and often competing with each other over the choicest listings. Unlike the pinnacle of the boom in 2007 though, these buyers are being driven by the overwhelming current and long-term value of real estate, as opposed to the pump and dump speculation of the recent past. Just like the stock market, when the pendulum starts to swing back towards a bull market we will have a very strong, but sustainable housing rally. Lee finds that in his personal experience, if market statistics are correct, that rally may be a lot closer that we think.
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