The first quarter of 2010 has been a good one for the Seattle real estate market, overall. Interest rates are still hovering around 5% and there are great houses listed at value prices for buyers. Sellers are getting offers from qualified buyers that are decent and loans are closing!
As always, it is valuable to evaluate the current market in contrast to past market conditions. Here is a chart that compares Q1 2010 to every year back to 2006 (4 years ago) for perspective.
The average Days on Market (DOM) has gone down in most neighborhoods by about 10-20 days since last year at this time, although it is still up 10-20 days from 4 years ago.
The number of sales this quarter has almost doubled in most neighborhoods compared to last year, although there are significantly less sales this quarter than in 2006.
The values in the current market seem to be homes <$350,000. There are a lot of homes for sale and less buyer demand in the lowest price ranges than the upper price ranges, which are finally seeing good activity. This is an opportunity for investor buyers, so if you have considered buying a rental property, please call us to discuss your options.
Here is some more interesting data we got from the Northwest Multiple Listing Service. It shows the % change year over year of the median home price in King County. It is helpful to see the recent cycle and compare the last 20 years. 2009 was a tough year, as many of you know, but 2010 should shape up to be much more stable. Stay tuned…
Warm Regards,
Domenica
Windermere Real Estate
