Seattle Among Best U.S. Real Estate Markets

Posted: March 15th, 2013 by Brad

Only three other cities lead Seattle for metro area real estate markets favoring home sellers most; San Francisco, Phoenix and Washington D.C.

Seattle home sales are still very robust. Listed properties spent a median of 56 days on the market as of January, down 38% from a year ago, according to Realtor.com. That’s almost half the median time homes are listed nationally. Many sellers receive decent offers even earlier, but because multiple offers have become commonplace, real estate agents are encouraging sellers to keep their homes listed to see if any better offers will come in.

There were fewer than 4,000 homes for sale in the Seattle metro area as of January, down 44% from a year prior, according to Realtor.com. Inventory fell by nearly the same percentage during 2011.

Closed sales during February jumped more than 9 percent from a year ago and median sales prices are up 13 percent according to new figures from Northwest Multiple Listing Service (NWMLS).

Mortgage interest rates still hovering near historic lows along with low home inventory are both key factors driving the current market climate.

Previous recessions were brought back with first-time buyers leading the way, according to NWMLS director, George Moorhead, noting today’s purchasers include move-up buyers who are keeping their homes as rentals. When combined with would-be sellers who are under water and can’t qualify for a short sale or lack savings to cover a loss at closing, inventory lags.  According to Moorhead, these scenarios are contributing to “a void which we have not experienced in the past.”

Leave a Reply

justrealseattle metropolitan Seattle Real Estate
FirstLast
Helps us to help you by knowing your neighborhood.
image description
Receive a
complimentary
Just Real Seattle

Home Packet.
Selling PacketBuying Packet
Yes, I'd like to receive your newsletter.

We strongly disapprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle top five deals
FirstLast
image description
Receive a
complimentary
Just Real Seattle

Interested in knowing what the last five top
residential real estate deals were in a specific neighborhood? Just specify your neighborhod of choice and we'll send you a complimentary report.

Yes, I'd like to recieve your newsletter.

We strongly dissaprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle metropolitan real estate stats
FirstLast
Helps us to know your neighborhood.
image description
Receive a
complimentary
Just Real Seattle
Real Estate
Stats Report.

We pride ourselves on being your "local economists." Providing you with current inventory and pricing data to help you make an educated and informed decision about the selling or purchasing your home.

Yes, I'd like to recieve your newsletter.

We strongly dissaprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle newsletter

Info you can use... Local Real Estate news,
lending info, home tips, property profiles, neighborhood happenings, local culture and more!

Close