The following guest post was written by John Madrid, a Managing Broker with John L. Scott Real Estate ? University Village and is a 2005-2012 Seattle Magazine ?Five Star? Agent. His clients include both home buyers and sellers. He can be reached at 206-498-1880,?john@live206.com?or?www.live206.com. Click on each image once to open them individually, then again for a larger view.
For the 8th consecutive month the median sale price for single-family homes sold in Northwest Seattle, including Wallingford, met or exceeded the sale price for the same period a year prior. ?Much of this trend can be attributed to a 38% decrease in the supply of homes compared to the previous year.
The median sale price for single family homes in NW Seattle was $420,000 for August compared to $397,500 for August of 2011. Wallingford sale prices ranged from $365,000 to $630,000 with a median sale price of $506,000 and an average sale price of $525,077.
The overall supply of NW Seattle homes in Aug was just 1.2 months of inventory compared to a 2.74 month supply for August 2011. A less than a 3 month supply of homes is considered a Seller?s market.
The average time on market was 27 days of all of NW Seattle and 25 days for Wallingford with many homes, especially those in the John Stanford Elementary reference area, going under contract with one to two weeks.
On average Wallingford homes in August sold for over 100% of their most recent list price which indicates multiple offers for well-priced homes.
More stats on North Seattle real estate can be found at http://www.live206.com/seattle-area-market-update-c21537.html
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(This article originally appeared on Wallyhood, the Wallingford neighborhood blog. For more news and chatter about Wallingford, join us there.)
To comment on this article, visit on Wallyhood.
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