Good news! The 3rd qtr real estate stats are out and Eastside-Seattle is bouncing back to a balanced market! Yea!! A balanced market is reflective of shrinking inventory (3-6 mos worth of inventory) and closed sales increasing steadily. All of that is happening. A few areas are showing signs of a seller’s market (0-3 mos worth of inventory) already, but EVERYONE benefits with a balanced market. A balanced real estate market levels the playing field for all.
Collectively, the hottest price point for the Eastside is the $250,000-$500,000. This made up 46% (nearly half) of all closed sales for the third quarter! Next hottest was the $500,001-$750,000 price point, consisting of 33% of the closed sales for the third quarter…those two price points combined are 76% of all Eastside closed transactions for this quarter!! So sellers, pay attention…if you’re about to tip over this line in pricing your property, you might reconsider where your market is.
Here are some numbers to make note of: The average list price for the third quarter was $555,405. The 7-week average for Eastside-Seattle inventory supply is at 5.3 months as of Oct 6, 2009; remember, 3-6 months inventory supply is a balanced market. Again, WOW!
We (and I mean the ‘main-street’ “we”) are all eager and ready for some good news in our real estate market. I think “we” are starting to see it. The signs are pointing in the right direction. I hope you see this as encouraging news for our market, because I sure do…not just as an agent, but as a homeowner.