A special report on residential real estate sales in King County 1st Quarter 2012 w Windermere Real Estate/Wall St., Inc. Windermere Real Estate Market Review Market Review Market Review Seattle Metro Seattle Metro Seattle Metro
Mar 26, 2016
A special report on residential real estate sales in King County
1st Quarter 2012
w Windermere Real Estate/Wall St., Inc.
Windermere Real Estate
Market ReviewMarket ReviewMarket Review
Seattle MetroSeattle MetroSeattle Metro
First Quarter Jan Feb Mar 2012
All data compiled from NW Multiple Listing Service, this information is deemed reliable, but is not a guarantee nor is it guaranteed, and should be verified to your satisfaction.
From the NWMLS, NWREporter May release - KIRKLAND, WA. Sales of 2nd Homes at Highest Level Since 2005
Last year’s sales of investment and vacation homes surged to their highest level since 2005, according to an annual survey of such transactions. NAR Chief Economist Lawrence Yun said investors with cash took advantage of market conditions in 2011. “During the past year investors have been swooping into the market to take advantage of bargain home prices,” he said. “Rising rental income easily beat cash sitting in banks as an added inducement. In addition, 41 percent of investment buyers purchased more than one property.”
Half of investment buyers said they purchased primarily to generate rental income, and 34 percent wanted to diversify their investments or saw a good investment opportunity. Read more on our blog: www.WindermereWestSeattle.com
Area Number of Homes
Sold Q1 Average Sold Price Median Sold Price
Average Size (Sq Footage)
Days on market DOM
Houses Condos Houses Condos Houses Condos Houses Condos Houses Condos
SEATTLE CORE Downtown, Belltown
na 80 na $550,740 na $375,000 na 1124 na 88
IN-CITY Queen Anne,
Magnolia 88 60 $718,032 $249,980 $557,500 $192,000 2599 906 47 80
NW SEATTLE Ballard,
GreenLake, Fremont,
Wallingford
290 63 $433,471 $212,456 $408,250 $181,000 1950 827 46 66
NE SEATTLE View Ridge, Maple Leaf, Northgate
181 38 $485,608 $157,676 $420,000 $136,500 2072 911 53 73
CENTRAL
SEATTLE Capitol Hill,
Central District, Madison Park
130 93 $687,619 $308,993 $577,375 $225,000 2514 937 61 57
SE SEATTLE Beacon Hill, Mt Baker,
Columbia City, Seward Park,
Rainier
157 12 $304,346 $164,941 $259,000 $144,950 1952 997 71 70
WEST SEATTLE
224 34 $332,437 $275,921 $298,500 $164,875 1775 1056 64 78
First Quarter Jan Feb Mar 2012
Pricing Trends March 2012
Windermere.com
Metro Seattle Real Estate Market Update - Residential
Windermere tracks key performance indicators to determine the current state of the market and to anticipate trends within Metro Seattle: from West Seattle to Lake Washington and north to Shoreline & Kenmore. We trust that this data, combined with our expertise, will help you make sound decisions.
PRICE TRENDS Price stabilization is the hallmark of the first quarter of 2012, due in part to the seasonal strengthening in sales that occurs each spring. The market is two-tiered, with distressed sales holding prices down in some areas. While low priced distressed properties continue to erode values, multiple offers abound for select neighborhoods, price ranges, and property types, as home buyers continue to take advantage of low interest rates and unprecedented housing affordability.
MARKET ACTIVITY
Late February 2012 witnessed continued declines in the availability of single family homes for sale, together with a seasonal and year-over-year increase in sales activity. Windermere brokers report multiple offers on many listings. Year-over-year February pending sales increased from 505 to 571. Although these economic dynamics favor sellers over buyers, it remains to be seen whether this will translate into higher prices later in 2012 and 2013.
FINANCIAL MARKET TRENDS
March interest rates remain historically low. Future changes are difficult to predict. When the economy improves, interest rates will likely increase, as will home prices. Buyers tempted to wait—hoping for real estate prices to drop further—should bear in mind that small interest rate increases often offset large declines in price. For example, if interest rates go up by 0.25%, monthly payments for a home with a $300,000 loan amount will increase even if the value of the property declines by 2.5%.
Interest Rates: Rolling 13 Month
3.500
3.625
3.750
3.875
4.000
4.125
4.250
4.375
4.500
4.625
4.750
4.875
5.000
5.125
5.250
5.375
5.500
Feb-11
Mar-11
Apr-11
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Sep-11
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Jan-12
Feb-12
Mar-12
Rates Shown as of 1st Business Day of Month
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Peter Wolf
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