North Seattle : Market Survey for October 2010
North Seattle currently has 959 single family homes listed. There are 283 pending sales and over the past 31 days 148 have sold. That's an absorption rate of 6.5. Usually after Labor day there is a flurry of sales and then the inventory as well as the activity declines until the first of the year.
The market has improved since then. For the month of October in the single family home category there are 815 homes for sale and 320 properties under contract. One hundred and forty-four homes closed during the month for an absorption rate of 5.7, down almost a full point from September.
The condo market continues to wobble on anemic legs. There are 278 active listings, and 54 are currently under contract. Only 24 units closed during October for an absorption rate of 11.6. Definitely a buyers market in that segment.
The average price of the homes sold in North Seattle for October was $516,453 and the median sale price, $425,000. For condos the figures are $251,090 and $212,500 respectively.
Traditionally agents tell sellers not to market their home from Thanksgiving through the first of the year. For a while this made sense. This year may be different. With interest at all time lows, there are home buyers in the market and they are not too concerned about the holidays, the weather, or anything other than making a good buy. Single family owners wishing to sell should have little problem moving their well prepared, well priced property. Condo sellers are going to have to go the extra mile to be a part of the action.