The current state of the Seattle real estate market is looking quite strong – especially over the last few months. The housing bust of 2007 seems to be receding and becoming a distant painful memory as we look at another month of strong recovery numbers for housing sales in the Seattle area.
The average price of Seattle real estate was around $ 295 per square foot, an increase of nearly 6.5% as compared to January 2012. Median home prices for Seattle also got a boost from the dynamic Seattle economy as we saw the price of an average 4 person family home increase to $ 350,000, a nearly 11% gain.
The resale market was looking strong with a wide depth of available inventory in many of Seattle’s districts. The average listing price for a Seattle home in January was $ 680,000, representing an increase of over 1.7% from the same period last year. Some of the more popular neighborhoods so far that have seen the best increase include Belltown and Broadway, with an average listing of $ 747,000 and $ 978,000 respectively.
The really hot and hip neighborhoods like Capitol Hill and Madison park experienced tremendous growth year-over-year as we saw an increase of nearly 7.1% in home appreciation prices. It’s a hot couple of neighborhoods that you should look into if you’re looking to make a good long term investment as well as find the perfect home. The most popular zip code for new home sales was 98119 with an increase of nearly 5% week over week in January.
Last year, the Seattle market showed real signs of improvement and that improvement has not slowed fortunately. Why has Seattle recovered when so many other cities have languished through the recession? The important factors seem to be: Price, available employment, strong tech industry and excellent lifestyle. People find themselves attracted to the healthy lifestyle Seattle promotes – whether it be from the wide variety of farmer’s markets with fresh food and vegetables, or having the ability to hike and backpack and get outdoors to engage in healthy activities, people are attracted to Seattle for a variety of reasons.
Seattle was also named as the nation’s top turnaround real estate market in 2012 by Forbes as Seattle experienced double digit price gains in 2012. After double digit declines over the last few years, the increase in home prices and revived real estate market has many professionals breathing a sigh of relief and looking to find their next listing.
Surprisingly, Seattle’s rental market also showed a strong increase in rates across the board in 2012 making the urgency to buy Seattle real estate now all the more important. As the market recovers and more and more people snatch up the available inventory out there, rental prices will have no choice but to climb. The sooner you can start investing in something of your own and get out of a rental, the better! 2013 promises to be a great year for Seattle home prices!
By skeeze from Pixabay