A special report on residential real estate sales in King County 2011 Third Quarter: July Aug Sept

w Windermere Real Estate/Wall St., Inc.

Windermere Real Estate

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Third Quarter July / Aug / Sept 2011

All data compiled from NW Multiple Listing Service, this information is deemed reliable, but is not a guarantee nor is it guaranteed, and should be verified to your satisfaction.

From the NWMLS, NWREporter October 5 release - KIRKLAND, WA. NWMLS.

“This market is proving to be challenging, but not for the reasons you might think,” said OB Jacobi, president of Windermere Real Estate Co. He pointed out interest rates are low, affordability is high, and confidence in the housing market is improving. “These are all good things, but the result is an influx of motivated buyers in a market where inventory levels have not yet caught up to the demand.” Jacobi, a member of the Northwest MLS board of directors, said one consequence is “stiff competition for move-in ready homes that are priced right, especially in neighborhoods close to Seattle.” Read more on our blog: www.WindermereWestSeattle.com

Area Number of Homes Sold Q2

Average Sold Price Median Sold Price Average Size (Sq Footage)

Houses Condos Houses Condos Houses Condos Houses Condos Houses Condos

SEATTLE CORE Downtown, Belltown

na

116

na

$480,883

Na

$350,000

Na

1038

na

84

IN-CITY Queen Anne, Magnolia

142

62

$648,077

$334,995

$549,000

$297,000

2319

1069

68

72

NW SEATTLE Ballard, GreenLake, Fremont, Wallingford

351

63

$449,175

$244,923

$409,000

$229,000

1963

946

34

58

NE SEATTLE View Ridge, Maple Leaf, Northgate

259

38

$502,302

$202,209

$419,000

$189,950

2041

933

40

89

CENTRAL SEATTLE Capitol Hill, Central District, Madison Park

193

108

$729,602

$317,228

$515,000

$232,550

2197

855

53

74

SE SEATTLE Beacon Hill, Mt Baker, Columbia City, Seward Park, Rainier

206

14

$339,005

$200,903

$273,375

$205,500

1809

1098

49

66

WEST SEATTLE

290

32

$364,224

$265,216

$308,990

$210,000

1805

1044

66

151

Days on market DOM

Pricing Trends October 2011

Metro Seattle Real Estate Market Update - Residential

Windermere tracks key performance indicators to determine the current state of the market and to anticipate trends within Metro Seattle: from West Seattle to Lake Washington and north to Shoreline & Kenmore. We trust that this data combined with our expertise will help you make sound decisions.

PRICE TRENDS Prices for closed sales of single family homes in Metro Seattle declined slightly in September 2011— a continuing buying opportunity. Low priced distressed homes continue to hold prices down while buyers of upper end homes are seeking value, taking time to make a purchase decision. Market time overall is declining: The average time on market for single family homes in King County dropped in September 2011 to 68 days, compared to 75 days in September, 2010.

MARKET ACTIVITY

In September, housing inventory, pending sales, and closed sales remained relatively stable. According to Windermere Real Estate President OB Jacobi, buyers are feeling the impact of low supply “due to an influx of motivated buyers in a market where inventory levels have not yet caught up to the demand.” These dynamics create competition for move-in ready, entry-level homes that are priced right, especially in Metro Seattle neighborhoods.

FINANCIAL MARKET TRENDS

Interest rates remain at historically low rates and future changes are difficult to predict. However, when the economy improves, interest rates will likely increase.

The current low cost of money, combined with low prices, is advantageous for buyers using 15- and 30-year mortgages. With many electing to rent, the real estate market is well positioned for savvy investors. Contact us today to learn more.

30 Year Fixed Rate Mortgage Interest Rates

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