June 2010 Market Data Report for north Seattle
In This Post
A look at active, pending and sold listings in north Seattle for the month of June
Reports county wide and nation wide have said that there was a major decrease in the number of homes sold since the stimulus deadline arrived on April 31st. That would indicate that closings would be higher in May and then decrease in June, as most of the April sales would have closed. We've seen a slight decrease in June but the absorption rate remains low, indicating a seller's market still exists here. This, of course is not the seller's market of the 2002-2007 era when pricing ahead of the market (on the up side) was little problem. In this market smart sellers are beating the competition by pricing ahead of the market on the down side. If you want to sell you have to be priced right.
| FAR WEST | NEAR WEST | NEAR EAST | FAR EAST | ALL AREAS | |
| ACTIVE | 157 | 333 | 190 | 140 | 820 |
| PENDING | 60 | 142 | 70 | 58 | 230 |
| CLOSED IN JUNE 2010 | 43 | 92 | 48 | 31 | 214 |
| ABSORPTION RATE | 3.65 | 3.61 | 3.96 | 3.52 | 3.83 |
The absorption rate is the number of months it will take to sell off current inventory. Considering June's number of sales, the northend of Seattle is still in a Seller's market. Rates below 4 are considered so. Rates of 4-6 are considered normal and rates above 6 are considered a Buyer's market.
There is something reassuring about working in a stable market. Sellers have time to put their house in order before selling. Buyers have time to thoroughly check out the house, the neighborhood, their financing and all of the factors that go into a shift to homeownership. I'd be happy to spend some time with you and go over the details necessary for making a wise decision in the north Seattle real estate market.
Glenn Roberts
Retired
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