Incredibly low inventory continues dominate the Seattle real estate scene with most home sellers benefiting from strong multiple-offer bidding wars — often with ten or more buyers in competition for the best homes.
"As happy as sellers are, the market has been brutal for buyers having to compete for every hot property that comes to market — often giving up valuable contingencies and safeguards just to get their foot in the door."
The median sale price was up 12.7% over Q1 of last year with the same number of homes transacting as in the first quarter of this year as in the first quarter of last year — 1475 to 1473 sales, if you’re counting.
The highest sale was a Vassos Demetriou designed 4110 sq. ft. Ballard home on Blue Ridge Drive with 180 degree views and sited on a rare 3/4 acre lot. It was originally built in 1960 and exquisitely redone in 2004.
The lowest sale was a 1941 Rainier Beach tear down sold at land value at $109,000.
The Ballard-Greenlake area had the most sales (319) in the first quarter, while Queen Anne-Magnolia boasted the largest homes at an average of 2298 sq. ft.
The Madison Park-Capitol Hill neighborhoods weighed in with the highest average sale price at $787,861.
Those looking for the most affordable home values would find them in the Lake Forest Park-Kenmore area with an average sale price of $434,357.
Interest rates fell in the first quarter to an average of 3.72% for a 30-year fixed-rate mortgage.
Click here for the full report and to see how prices have changed in your neighborhood!
© Copyright 2015, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.