Seattle Market Heats Up, Say Realtors
by Blanche Evans
Seattle has turned the corner from its brief buyer's market following the dot-com bust, and now Realtors say the market is sizzling. "Seattle is still in the midst of a brisk sellers market," says Realtor Michael Tenore. "While the average time that it takes for homes to sell is a little over 30 days, this can be misleading because homes in the hot neighborhoods like Green Lake, Queen Ann, Phinney Ridge, etc, often sell in less than seven days and inventory is very low. Watch the market daily and be ready to pounce. A couple of up and coming areas to check out are Seward Park and Columbia City -- the prices aren't through the roof like other neighborhoods and they both have nice leafy streets. The best advice I can give is to educate yourself on all the different neighborhoods in Seattle and be flexible about which ones you would like to buy in." Says Realtor Mark Despain, "Seattle has it all. So many great neighborhoods, each with their own character: shopping, music, theaters, cinema, sports and recreation. The market here seemed to pick up more slowly after the new year. But things are heating up again. Demand still far out pacing the supply of quality homes in the popular neighborhoods. Keeping entry level pricing for small single family homes and fixers at about $260,000." "It's more of the same -- well-priced properties in popular neighborhoods are still attracting multiple offers," says Realtor Jim Olney. "This is tough on buyers who ride the roller coaster of uncertainty and aggressive bidding. This, however, is good news for sellers who benefit from quick, premium priced sales. Improving employment numbers, seasonal housing demand, and historically low interest rates portend a continued strong real estate market in the Puget Sound area. Condos near the University of Washington are scarce as one frustrated client will attest." |
