Is North Seattle A Seller's Market?
In This Post
Some statistics and absorption rate information about In-City Seattle market conditions for the areas north of the ship canal to the city line.
I've spent the last few days looking over the inventory for Seattle single-family homes north of the ship canal. One of the features on the agent accessed multiple listing service website is called market watch. With the market watch tool I can designate a particular of the region and observe changes in real time. I've set my search for this area to tell me how many status changes are made within the past 24 hours. What I've noticed lately is that the number of new listings has been very close to the number of listings marked pending. This indicates to me that listings are selling as fast as they are coming on.
I've divided up the area I watch into 4 zones. The far west and near west for locations west of the I-5 corridor, and the near east and the far east for areas east of I-5.
| FAR WEST | NEAR WEST | NEAR EAST | FAR EAST | |
| ACTIVE | 205 | 332 | 160 | 140 |
| CLOSED IN MAY 2010 | 69 | 107 | 65 | 42 |
| ABSORPTION RATE | 2.97 | 3.1 | 2.46 | 3.33 |
The absorption rate is the number of months it will take to sell off current inventory. Considering May's number of sales, the northend of Seattle is 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. The absorption rate for the entire north Seattle area is a low 2.95.
Usually this time of year the inventory of homes on the market is growing and peaks around the first of September. If you've been thinking of selling now might just be the best time of this year to put your home on the market. If you would like more detailed information about your neighborhood, please give me a home. If you are ready to list your home, let me show you how I would market it and help you get the highest possible price in the least amount of time.
Glenn Roberts
Retired
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