This is an update to my posting from last January. In the last 30 days, 35 listings came online in the 98122 (for prices less than $800k) That is the most since October of 2010. 19 monthly listings is the median during the past 12 months. Of the 35 listings that came oneline last month only 10 are currently for sale.
Prices in the Central Area are outpacing Greater Seattle. Median prices are up 13.9% in the past 60 days as compared to a year ago. This compares to a 10.6% increase for Seattle that was recently reported by Case/Schiller. Median price per foot is up 19.1% in 98122. The price per foot is up higher because the smaller nicely-kept entry level house in the Central District is pretty much at least $400k. I remember turning down a listing a year ago that I knew I couldn’t sell for $350k but comps-out now over $400k.
I have been telling people to expect more inventory to come online as more people realize that they can sell their home for a profit. Historically people only stay in their homes for around 5 years. The current average is 9 years. Only recently have people been able to sell at a profit if they bought 7 or 8 years ago. I believe that more of these homeowners will sell their homes as they come to realize this. I think that inventory will go up, price appreciation will continue upwards but not as steeply, and market times will increase in the areas close to Downtown.
The above information is for homes priced under $800k in the 98122 and is from sources I deemed reliable as well as from my own opinion. Don’t rely on the accuracy of any of this information without independently verifying it yourself. You can see my blog at www.DanSanchezRealtor.com