May 2010 Market Data Report for Seattle's Northend
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Here's what happened in May in Seattle's Northend.
The northend of Seattle is popular for many reasons. Green Lake is a gem of a park right in the center of things. There are the areas of North Beach and Golden Gardens on the west with their fantastic views of Puget Sound and the Olympic Mountains. The eastern boundary is all about Lake Washington, Mathews Beach and Magnuson Park and great views of the Cascade Mountains. All along the ship canal between the above mentioned bodies of water there is the University of Washington, Lake Union with many locations for Seattle's movie-famous houseboat population, Fremont and the Troll, Ballard, the locks, the fishing fleet harbor and the Shilshole boat harbor.
The ridgelines in north Seattle run north and south opening many homes to views of the mountains, the water features and the city. Views: just one of the many benefits of living here.
It's no wonder with credentials like these that the market statistics are quite good. The chart tells the story. Absorption rate is the amount of time in months necessary to sell off current inventory.
Although condos are still having a difficult time with their combination of problems; overbuilding and difficult financing at the head of the list, the single-family category is definitely a sellers' market, for sellers that are willing to meet the market as far as pricing goes. There are still many properties on with long market times, an indication that those sellers are being inflexible.
Usually Seattle sees a lower number of sales as we get into summer, but I suspect that this year will be different. Both listing and sale numbers have been low for the past two years and there is both a pent up demand to move and to buy. Seller have been putting off selling until prices stabilize. Buyers have been waiting for the bottom. It looks like the bottom has passed in this area.