Closings in any January are usually down because December is often a slow month. And this year is no exception. And, usually, many listings that haven’t sold go off the market at the end of the year. Sellers assess what their future holds and some decide to wait until “Spring” to re-list. Some rent their properties out hoping for better times. The smart ones are often the ones who stay on the market during a time of reduced inventory.

With 5 closed sales and only 21 active listings, the Absorption Rate is just a hair over 4. Definitely a seller’s market. I know there will be more homes coming on the market in the months ahead, but if you are prepared, now might just be the time.

For in-city Seattle north of the ship canal the statics include 116 closed sales, 211 pending sales and 743 active listings, for an Absorption rate of 6.4
This report includes single family homes, townhomes and condominiums.

You can see the listings included:

Ravenna Market Report.

With 8 possible closings if February and the current shortage of listings I look forward to a month that will not be as busy as it could be unless more sellers put their homes on the market.

People talk about shadow inventory, foreclosures, short sales and REO’s, and try to predict where the market is going and what will happen next. Rest assured that it is not going anywhere with any great speed. If you desire to buy or sell, now is as good as anytime in the foreseeable future.

This lovely house sold and closed in January of 2011 for $800,000 in Ravenna Park, directly across from the park.

If you live in the Seattle area, and in particular the north Seattle and the Ravenna or Ravenna Park areas, give me a call and let’s discuss how to resolve your real estate issues.

Normally, the number of listings decline as the year wends its way to a close. This year is no exception. Some homes are taken off the market and will reappear in January. Others that might come on now will be delayed until after the first of the year. There is just too much to do this time of year.

There are some serious shoppers out there though. There always are. The changes that cause people to move don't pay much attention to holidays. Be that as it may, the Ravenna neighborhood in Seattle currently has 18 single family homes on the market. The average asking price is just under $500,000 and the median price is just over that. The high and low are $725,000 and $247,000.

Ten homes are currently under contract. The median listing price of these homes is $399,000. So one can see that the entry level buyer is active in this market while the move-up and higher end buyers are currently standing pat. That's somewhat surprising as there may never be another opportunity to get a fairly hefty mortgage at such a low interest rate.

Over the past 90 days there have been 20 closings for Ravenna. The lowest sale price was $325,000 while the highest was $771,900. The average sales price for the 20 listings was $492,099 and the median was $481,000. Very similar to the data on the active listings while the pendings show a much lower profile.

The solds are in red on the map below. The pendings in yellow and the active listings in green.

If you have any questions about the Ravenna market please give me a call. I'd be happy to help you with your real estate needs.