Downtown Seattle condo market trend and sales in April 2012

Based on Northwest Multiple Listing Service data here is an update on Downtown Seattle condo market.

Downtown Seattle condo market trend analysis: condos for sale, absorption rate and sales by building in April 2012.

There were 130 condos available in Downtown Seattle in April 2012.

There is a shell available:

$8,000,000; 9,876 sq. feet

Based on sales in February – April 2012 and current inventory, absorption rate* is as follows (in all price ranges): studios – 6.8 months; 1-bedroom – 2.8 months; 2-bedroom – 4.4 months; 3-bedroom – 12 months.

Absorption rate

Studio absorption rate

Four studios priced within $100,000 – $399,999 sold in February – April 2012.

1-bedroom condo absorption rate

Fifty six 1-bedroom condos priced within $100,000 – $599,999 sold in February – April 2012. Only one of them sold in $500,000 – $599,999 price range. That makes absorption rate 48 months. I didn’t put that in the chart, as it would influence chart layout.

2-bedroom condo absorption rate

Forty three 2-bedroom condos priced within $200,000 – $4,999,999 sold in February – April 2012.

A few price ranges are missing in the charts. That indicates that there are no current listings or there were no sales within last 3 months in that price range.

Not enough 3-bedroom condo sales to show the absorption in a chart format.

One 3-bedroom condo sold in $500,000 – $599,999 price range. There are no 3-bedroom condos available within that price range at this time.

*Absorption rate is an estimate of number of months it would take to sell current inventory at the current pace of the market if there are no changes in the market.

Absorption rate 0 to 5 months typically indicates that it is seller’s market

Absorption rate 5 to 7 months typically indicates that it is balanced market

Absorption rate 7 + months typically indicates that it is buyer’s market

48 Downtown Seattle condos sold in April 2012.

Sales within $100,000 – $499,999

Sales within $500,000 – $3,999,999

Sales in the Downtown condo buildings in April 2012: Escala – 13 sales; Marselle, Fifteen Twenty-One, The Cosmopolitan &The Parc – 3 sales in each building; Bay Vista, Harbor Heights, Trio, The Florentine & The Vine – 2 sales in each building; 2200 Westlake, Alexandria, Bellora, Gallery, Grandview, Klee, Mosler Lofts, Newmark Tower, Olive 8, Site 17, Tobira, Veer Lofts & Watermark – 1 sale in each building.

If you would like to find out what kind of condo you can purchase in each price range, feel free to contact me.

I will talk more about inventory and sales in a different post.

Information based on Northwest MLS data.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing Service data here information about sales in Magnolia and Queen Anne neighborhoods in 2012 and 2011 as well as sales within last 12 months.

This report does not include condos.

146 homes sold in January – April 2012, up 17% from same time period in 2011 (sales up 10% in Magnolia; up 24% in Queen Anne).

Average sale price was up 17% (up 17% in Magnolia; up 17% in Queen Anne).

Median sale price was up 6% (down 6% in Magnolia; up 17% in Queen Anne).

Sales within last 12 months

474 homes sold in Magnolia and Queen Anne neighborhoods within last 12 months – 228 sales in Magnolia and 246 sales in Queen Anne

The lowest amount of sales

14 in Magnolia in January 2012 & February 2012

9 in Queen Anne in October 2011

The highest amount of sales

24 in Magnolia in December 2011

41 Queen Anne in April 2012

Home average sale price

The lowest average sale price

$494,543 in Magnolia in January 2012

$544,091 in Queen Anne in February 2012

The highest average sale price

$859,506 in Magnolia in March 2012

$881,844 in Queen Anne in November 2011

Median sale price

The lowest median sale price

$449,000 in Magnolia in April 2012

$539,500 in Queen Anne in November 2011

The highest median sale price

$600,000 in Magnolia in March 2012

$735,000 in Queen Anne in December 2011.

Information based on Northwest Multiple Listing Service data.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing Service data here is a comparison of residential real estate market in Magnolia and Queen Anne neighborhoods in April 2012, March 2012 and April 2011.

This report does not include condos.

April 2012 and March 2012

There were 132 homes available in Magnolia and Queen Anne neighborhoods in April 2012, up 20% from March 2012.

Home average price in Magnolia and Queen Anne neighborhoods combined was $1,108,982 in April 2012, down 1% from March 2012.

Home median price in both neighborhoods combined was $849,000 in April 2012, down 3% from March 2012.

64 homes sold in April 2012, up 82% from March 2012 (up 35% in Magnolia; up 128% in Queen Anne).

Average sale price was down 24% (down 31% in Magnolia; down 17% in Queen Anne).

Median sale price was down 15% (down 25% in Magnolia; down 4% in Queen Anne).

April 2012 and April 2011

Sales were up 58% in Magnolia and Queen Anne neighborhoods in April 2012 from April 2011 (up 21% in Magnolia; up 95% in Queen Anne).

Average sale price was up 6% (up 2% in Magnolia; up 10% in Queen Anne).

Median sale price was down 3% (down 14% in Magnolia; up 8% in Queen Anne).

Year-To-Date sales data will be provided in the next post.

Information based on Northwest Multiple Listing Service data.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing Service data here is an overview of Magnolia and Queen Anne home market trend. Absorption rate* is based on sales within February – April 2012.

This report does not include condominiums.

There are 132 homes available in Magnolia and Queen Anne neighborhoods at this time.

Based on sales in February – March 2012 the absorption rate is as follows: Magnolia 4.2 months; Queen Anne 2.5 months (all price ranges combined).

Magnolia

There were no sales in $900,000 – $999,999 price range within last 3 months  in Magnolia therefore the absorption rate is unknown at this time.

Queen Anne

*Absorption rate is an estimate of number of months it would take to sell current inventory at the current pace of the market if there are no changes in the market.

Absorption rate 0 to 5 months typically indicates that it is seller’s market

Absorption rate 5 to 7 months typically indicates that it is balanced market

Absorption rate 7 + months typically indicates that it is buyer’s market

64 sales in Magnolia & Queen Anne neighborhoods in April 2012

If you would like to find out what kind of a house you can purchase within each price range, feel free to contact me.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing Service data here is information about home market in reported Northeast Seattle neighborhoods in May 2011 – April 2012.

Seattle neighborhoods reported: Laurelhurst, Windermere, Hawthorne Hills, View Ridge, Bryant and Ravenna.

This report does not include condo market.

I made 2 charts for sales and sale prices that include 3 neighborhoods in each because it is easier to read them that way. The number of sales and sale prices are different in Laurelhurst and Windermere from Hawthorne Hills, View Ridge, Bryant and Ravenna. Prices are lower in Bryant and Ravenna, but there were more sales.

224 homes sold in reported Northeast Seattle neighborhoods within last 12 months.

Sales in Laurelhurst, Windermere and Hawthorne Hills

There were no sales in Windermere in September 2011 and January, March & April 2012; there were no sales in Hawthorne Hills in February 2012.

Sales in View Ridge, Bryant and Ravenna

Home average sale price in Laurelhurst, Windermere and Hawthorne Hills

Home average sale price in View Ridge, Bryant and Ravenna

Home median sale price in Laurelhurst, Windermere and Hawthorne Hills

Home median sale price in View Ridge, Bryant and Ravenna

As you can see sale price graph for Windermere neighborhood is inconsistent. That is because there were very few sales: 1 sale in May, October, November, December 2011 and February 2012; 2 sales in July 2011; 3 sales in August, 2011 and 5 sales in June 2011. The lowest selling price was $540,000 in November 2011 (unusually low for Windermere neighborhood), the highest – $3,609,133 in August 2011. That explains the inconsistence of the graph.

In other neighborhoods there were no big ups and downs in sale price. Except for View Ridge neighborhood where sale price dropped in June 2011 and didn’t recover.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing Service data here is information about home market in reported Northeast Seattle neighborhoods in April 2012 and April 2011 as well as year-to-date sales.

Seattle neighborhoods reported: Laurelhurst, Windermere, Hawthorne Hills, View Ridge, Bryant and Ravenna.

This report does not include condo market.

27 homes sold in reported Northeast Seattle neighborhoods in April 2012, down 39% from April 2011.

There were no sales in Windermere neighborhood in April 2012 and April 2011.

Average sale price was down 7% in all reported Northeast Seattle neighborhoods combined.

Median sale price was down 11%.

Year-To-Date sales

85 homes sold in reported Northeast Seattle neighborhoods in January – April 2012, down 26% from the same time period last year.

Average sale price was up 9%.

Median sale price was up 8%.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing Service data here is information about home market in reported Northeast Seattle neighborhoods in April 2012 and March 2012.

Seattle neighborhoods reported: Laurelhurst, Windermere, Hawthorne Hills, View Ridge, Bryant and Ravenna.

This report does not include condo market.

There were 43 homes available in reported neighborhoods in April 2012, up 8% from March 2012.

No change in average price of homes on the market from March 2012.

Median price of homes on the market was up 1% from March 2012.

27 homes sold in reported Northeast Seattle neighborhoods in April 2012, up 27% from March 2012.

Average sale price was down 22% in all reported Northeast Seattle neighborhoods combined.

Median sale price was down 27%.

Big drop in average and median sale prices was influenced by drop in sale prices in Laurelhurst neighborhood.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing Service data here is an overview of home market trend in Northeast Seattle.

Absorption rate* is based on sales within February – April 2012. See how many homes sold in certain price range in each neighborhood.

Condos are not included in this report.

Reported neighborhoods: Laurelhurst, Windermere, Hawthorne Hills, View Ridge, Bryant & Ravenna.

There are 43 homes available in reported neighborhoods.

Homes priced within $300,000 – $699,999

Homes priced within $700,000 – $999,999

Homes priced within $1,000,000 – $5,999,999

Northeast Seattle home absorption rate by price range

Northeast Seattle home absorption rate by neighborhood

*Absorption rate is an estimate of number of months it would take to sell current inventory at the current pace of the market if there are no changes in the market.

Absorption rate 0 to 5 months typically indicates that it is seller’s market

Absorption rate 5 to 7 months typically indicates that it is balanced market

Absorption rate 7 + months typically indicates that it is buyer’s market

27 sales in reported Northeast Seattle neighborhoods in March 2012

Sales by neighborhood in April 2012: Ravenna – 11 sales; Bryant – 7 sales; Hawthorne Hills, Laurelhurst & View Ridge – 3 sales in each neighborhood; no sales in Windermere.

More information about the sales will be provided in a different post.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing service data here is the information about Seattle luxury condo and home sales.

Luxury areas reported: Downtown Seattle, Queen Anne / Magnolia, East Central Seattle, Northeast Seattle, West Bellevue, Kirkland and Mercer Island (condos & homes priced at $1,000,000 and up).

Seattle luxury condo & home sales were down 3% in all reported areas combined in January – April 2012 from the same time period in 2011.

Seattle luxury condo and home average sale price was up 1% in all reported areas combined in January – April 2012 from the same time period in 2011.

Seattle luxury condo and home median sale price was down 3% in all reported areas combined in January – April 2012 from the same time period in 2011.

Seattle luxury condo & home sales within last 12 months

Let’s see how luxury condo & home sales changed within last 12 months in Seattle and Eastside.

Seattle luxury condo and home sales

The highest amount of sales – 15 in East Central Seattle in June and July 2011 and in March 2012

Eastside luxury condo and home sales

The highest amount of sales – 25 in West Bellevue in June 2011

Seattle luxury condo and home average sale price

Highest average sale price – $4,700,000 in Magnolia in February 2012 (there was only one sale that month)

Eastside luxury condo and home average sale price

Highest average sale price – $2,660,360 in West Bellevue in June 2011

Seattle luxury condo and home median sale price

Highest median sale price – $4,700,000 in Magnolia in February 2012 (there was only one sale that month)

Eastside luxury condo & home median sale price

Highest median sale price – $1,985,000 in West Bellevue in February 2012

Information based on Northwest Multiple Listing Service data.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.

Based on Northwest Multiple Listing service data here is the information about Seattle luxury condo and home inventory and sales.

Luxury areas reported: Downtown Seattle, Queen Anne / Magnolia and surrounding neighborhoods, East Central Seattle, Northeast Seattle, West Bellevue, Kirkland and Mercer Island (condos & homes priced at $1,000,000 and up).

There were 436 Seattle luxury condos & homes available in April 2012, down 24% from April 2011.

Average price of luxury condos and homes on the market was $2,424,481 in all reported areas combined in April 2012, down 1% from April 2011.

Median price of luxury condos and homes on the market was $1,806,786 in all reported areas combined in April 2012, up 3% from April 2011.

Seattle luxury condo & home sales were up 13% in April 2012 from April 2011 in all reported areas combined.

Seattle luxury condo and home average sale price was $1,516,837 in April 2012, down 6% from April 2011.

Seattle luxury condo and home median sale price was $1,273,071 in April 2012, down 10% from April 2011.

Information based on Northwest MLS data.

Information deemed reliable but not guaranteed.

Information and photos posted by Ally Wangsness and may not be copied, reproduced or republished without the written permission of Ally Wangsness, Broker, RE/MAX Metro Realty, Inc.