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Housing Inventory Down Across the City of Seattle

Housing Inventory Down Across the City of Seattle

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Seattle Market Watch - Seven Days / Note the Number of Pending Sales vs. New

KUOW just ran a great story spotlighting the super low inventory in some of the neighborhoods here in Seattle. Here at Team Diva HQ we have seen multiple offers for our buyers across the board this year. This leads to the perception by some sellers that we are back in 2005-2006 mode of increasing prices regardless of what is tossed on the market. But the reality is, despite the upward movement, there is still a distinct difference in the types of homes that are selling with multiple offers and those that are languishing on the market. The homes that selling in multiple offers are like the home in the KUOW story  “Aside from all the cosmetics you see, this house has all new systems, so it’s 100 percent new wiring, 100 percent new plumbing. There’s a new furnace.” The homes are prepped for the sale!

Honing in Closer to Home, Let’s Check out Some of the Diva’s Favorite Neighborhoods:

Capitol Hill Condos | .84 Demand Rate / Less Than One Condo for Every Buyer
Buyers have swung into the market bought up everything priced below $200,000. Expect to pay closer to $250,000 for a one bedroom and anywhere from $325-450,000 for a two bedroom.
Listing Price: $390,000
Pending Price: $334,000 / $186,000 for Short Sales
Sold Price: $167,000

Columbia City Single Family Homes | .63 Demand Rate / Less Thank One Home for Every Buyer
Check out the list to sold price. Expect to pay $27,000 over the average list price to live in this up and coming neighborhood.
Average Listing Price: $283,000 (For homes actually on the market. Vast majority of homes are pre-sale or under construction priced above $350,000)
Pending Price: $308,000 / $248,000 for Short Sales
Sold Price: $310,000

Phinney Ridge Single Family Homes | .36 / Fight it Out Buyers. There is Only 1/3 of a House For you!
The demand rate in this neighborhood is really low. The interesting thing is that homes are either on the market for around 8 or over 100 days. The bottom line is that market has trends like 2005 but the buyers are very 2012 recession proof. That means that they are very smart and super conservative. The new generation of buyers expect houses on the market to look and be marketed with a little Diva Difference.
Average Listing Price: $556,000
Pending Price: $552,000 / $527,500 for Short Sales
Sold Price: $528,000 with about a 99% sold to list price.

The bottom line is that this is a great time to sell your house if you need to move up to the next generation of home or if you are sick and tired of being a landlord. For those who are still underwater on your home, the end is near. Buyers expect to compete for the good homes or get out the elbow grease and get to work on homes that need a little work. Do not expect a lot of new inventory to come on the market any time soon. Those with good houses in good neighborhoods are sitting tight until the market corrects itself.

Chavi Hohm

Chavi Hohm

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