(This is a sponsored story written by John Madrid, Managing Broker with John L. Scott Real Estate).
What a difference a year makes … sale prices continue their climb and time on market continues to drop. It is definitely turning into a seller’s market.
For the 10th out of the last 12 months the median sale price for single-family homes sold on Magnolia & Queen Anne met or exceeded the sale price for the same period a year prior. Much of this trend can be attributed to a decrease in the supply of new listings in 2012 compared to 2011.
In addition to a shortage of inventory, record low interest rates, continued strong hiring by Amazon, Microsoft and a slew of smaller to midsize companies and a general belief that the market has hit bottom has resulted in strong appreciation for most Seattle home owners and sellers in 2012.
The median sale price for single-family homes sold in 2012 on Magnolia & Queen Anne was $565,000 compared to $527,500 for 2011, an over 7% increase. The average time on market decreased to 51 days for 2012 from 60 days in 2011.
A less than a 3 month supply of homes is generally considered a Seller’s market while 3-6 months in inventory is considered a “balanced” market. The overall supply of Magnolia & Queen Anne homes averaged around 2.7 months of inventory for 2012 versus a 4.2 month supply for 2011.
Expected trends for 2013 include continued low interest rates and inventory as well as multiple offers situations for competitively priced homes in popular neighborhoods including Magnolia & Queen Anne with their great walkability, popular schools and proximity to downtown.
More stats on other Seattle neighborhoods can be found here.
Tip: Even in a strong home Seller’s market amazing photos and professional marketing materials (including a custom website and full color two sided flyers) can result in a quicker sale and the best sale price.
John Madrid is a Managing Broker with John L. Scott Real Estate – University Village and is a 2005-2012 Seattle Magazine “Five Star” Agent. His clients include both home buyers and sellers. He can be reached at 206-498-1880, firstname.lastname@example.org or www.live206.com.
(Statistics are deemed reliable but are not guaranteed. All information should be verified to the users own satisfaction.)