Price and inventory levels for the upper-tier home market in Northeast Seattle
Price and inventory levels for the upper-tier home market in Northeast Seattle
The last week of February 2012 showed signs of housing inventory in Northeast Seattle to finally start to pick-up. This should be a welcome sign for buyers looking for housing in Northeast Seattle, inventory levels in both the upper tier and lower price ranges are showing signs of increasing. With low inventory levels many parts of Northeast Seattle have experienced multiple offer situations.
Upper tier home sales, homes over $530k, in Northeast Seattle saw a steady increase in pricing from September 2011 to its peak in February 2012 where the median price was $650K before it prices ran out of gas and has continued to trend downward to a median sales price of $618K.
Home prices in the lower tier (homes under $250K) Northeast Seattle market have continued to trend downward since August 2011 bring out barging hunting buyers looking to find a good deal in what has traditionally been a popular area. Late winter like weather conditions have prevented many homeowners from getting their homes ready for the spring market, which will undoubtedly change heading into April which is typically the time we see more buyers and sellers in the housing market.
Northeast Seattle’s neighborhoods experienced much of its growth in the 1940-1960s as the city limits started to push both the south and north boundaries further from the city’s core. Much of northeast Seattle is very walkable and very well designed leaving many wooded areas while the areas around them were being developed. The neighborhoods, almost always, were developed around a “playfield” or a family gathering place. Northeast Seattle’s neighborhoods; Maple Leaf, Pinehurst, Jackson Park, Lake City, Victory Heights, Cedar Park, and Meadowbrook all have residents with strong social and community ties.
This Seattle real estate market update is courtesy of Adrian Willanger at Coldwell Banker Danforth & Associates 206 909-7536 helping people buy and sale homes in the Greater Seattle area.
Homes for sale in Northeast Seattle
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