REAL ESTATE ROUNDUP: With home sales up nationally, though not in Seattle, it will be interesting to see what happens next with the end April 30 of the federal tax credit for first-time buyers.
On the positive side, interest rates continue to be low. From there, the situation plays out a little differently depending on whether you are talking about View Ridge (which has higher average prices) or Wedgwood. In both areas, however, Windermere real estate agent Liz Nitz points out that sellers have adjusted expectations and have remained backed off of 2007 pricing levels. With this tempered approach, they are getting about 98 percent of asking price.
In View Ridge, the number of homes on the market is down. While in Wedgwood the number continues to rise. Here’s a snapshot of each neighborhood for the month of April, stats courtesy of Nitz.
VIEW RIDGE
Homes sold: 8
Median sales price: $592,000 (98.51 percent of asking price)
Pending sales: 7
Average days on market: 75
Homes currently on market: 11, median price at $699,500
View Ridge continues to be a place where people want to live as shown by decreasing inventory numbers. In January, there were 20 houses on the market, February had 16 and March had 20. Entering May, there were only 11. During 2009, 18-36 homes were on the market with most months showing about 25 homes for sale.
WEDGWOOD
Homes sold: 16
Median sales price: $412,500 (98.58 percent of asking price)
Pending sales: 21
Average days on market: 56
Homes currently on market: 43, median price at $439,950
With an increase of homes on the market, prices are expected to stay lower than last year when the median price was $461,000 for the neighborhood. In January of this year, Wedgwood had 19 homes on the market, 24 in February, 33 in March and 43 entering May. In 2009, there were never more than 36 homes on the market at one time. Sales are stronger than last year also. Last April had only 6 homes sold, compared to 16 last month.
