Following the Real Estate and Happenings in Seattle's Queen Anne neighborhood.
Numbers never lie! This recent post from Rain City Guide indicates that the Seattle real estate market is strengthening. A whooping 1 and 3 homes are being sold for above the original listing price.
The numbers paint the picture of a recovering market:
1. Increasing numbers of homes sold, year-over-year…
2. … And less homes for sale…
3. … means dramatically lower inventory:
If you are wondering why some people are saying the market is down from a year ago…. and some people are saying it’s stable, the correct answer is…. both, depending on where in King County you live. While King County is down overall, a closer look at statistics shows significant variation in home value changes by neighborhood. The median sale price for houses in Southwest King County has fallen 27 percent over the past two years. The Eastside, in contrast, has seen only a 4 percent drop! Prices also have remained relatively stable over the past two years in close-in Seattle neighborhoods such as Queen Anne, Magnolia, Capitol Hill and Madison Park. The following Foreclosure Map is consistant with what we are seeing in terms of market stability by neighborhood. As you see, foreclosures are most prevalent in South Seattle, Kent, Rainier Valley, SeaTac, etc. Whereas, there are only 15 to 30 foreclosures for every 10,000 homes in Sammamish, Bellevue, Mercer Island, and much of North Seattle. So be weary of taking overall King County statistics to heart without understanding which submarket your home is in! It probably isn’t as bad as you think.
The year end statistic fillings on US foreclosures are boding well for a stabilizing market. Foreclosure numbers are lower than they have been since 2007, down 34% since 2010. We’ve been getting quite a few calls at the office from investors looking to enter the Seattle Real Estate market lately, and there has been less distressed inventory on the market in the Seattle core neighborhoods. There is not much distressed, bank owned or short sale inventory in Queen Anne at all. I’m happy to see the good signs for the Seattle market in 2012.
Please drop off your old coats, jackets and blankets to our office for Seattle’s homeless youth, and visit me while you are at it!
If you would like to be included in my quarterly Queen Anne market updates, or if you would like to be emailed listings correlated to your search criteria, email me and I am happy to subscribe you to my updates.
Over thirty groups came through to visit my newest listing in Upper Queen Anne off Bigelow Street yesterday. The large turn out wasn’t surprising since this home is one of only two sub-one million dollar view homes off of Bigelow street on the market. Discerning buyers are eager to find the right home, and there simply isn’t a wide selection of inventory right now in upper Queen Anne. Here is a little more information about this very special home:
Like many homes on the coveted southeast slope, this home is available to buy for the first time in thirty years. A quintessential Upper Queen Anne home, 404 Comstock Place offers three levels of iconic, lake, ocean, and mountain views. It is perfectly tucked on quiet Comstock Place, encircled by million dollar homes off tree-lined Bigelow Street. Sun beams into every room, featuring the Space Needle views from the living room, and a panoramic view of the lake, bay, mountains, and city from the master bedroom. Entertain outdoors in elegance surrounded by massive views atop your rooftop deck. Walk to Queen Anne Avenue or have a picnic at Bhy Kracke Park outside your window. Welcome home to a residence of timeless style.
For more information or a private showing contact Kelley Face with Northwest Group Real Estate at 425.299.6307, kelley@nwgrealestate.com
Seattle home sellers always ask me, how long will it take to sell my home? To get the freshest look at our selling market, I compiled data from the last three months of residential (not condominium) homes sold in some of the hot Seattle markets. Taking a look at the data, the Laurelhurst/Windermere market has been especially hot showing homes selling in just over a month. That is a far stretch from the Seattle average which sits closer to 3 months. Homes in Queen Anne are selling in about 3 months as well. If you are interested in how much your home would sell for, email me and I am happy to provide you with a complimentary market analysis to help you learn the current value of your home.
I met with Betty again yesterday, my 90 year old neighbor. She is such a joyous soul. When I took this picture you can see Betty’s awe at the iphone technology. I love sharing stories about her because she represents the community atmosphere I have grown to love living in Queen Anne. Although Betty has no living relatives, she is cared for and loved by the entire Queen Anne community, where she has lived since 1921! She took me by the home she grew up in on 2nd Ave W and she was absolutely shocked when I told her it is worth more than $600,000 now.
Then we went on an errand to her bank at the US Bank on SPU Campus in North Queen Anne. Walking has been harder from the bus stop to US Bank so I’m glad I was able to drive her right up to the front steps. The staff at US Bank go above and beyond in their care and accommodation for Betty’s needs. They pay all her bills through complimentary cashier’s checks, help her discern what is owed and what is already paid. Betty is so grateful, she brought a large plastic bag full of Spearmints as a gift of appreciation for the bank tellers, and they hand her the hat she had forgotten a few weeks past. ”God bless all you wonderful people” is her regular goodbye. Then we’re off for breakfast at the Queen Anne Cafe, where the generous Cafe doesn’t even charge Betty for her two eggs over easy.
If I am half as gracious and giving towards the people I interact with at 90, I will be thrilled! Betty is an inspiration. If anyone wants to hang out with us we would love to have more company on our breakfasts! Next week Betty asked me to take her to the memorial site of her parents and sister to pay her remembrances.
Here is a interesting visual picture of the market change over the last 5 years in King County. Click the link for the full story and accounts of the other counties. Also in the news, this Woodinville 18 year old is capitalizing on the investment opportunities in real estate right now and just made a quick $122,000 in profit. Wow, impressive!
