9027 Meridian Ave N, Seattle, WA 98103 - Zillow

9027 Meridian Ave N, Seattle, WA 98103 - Zillow

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5812 Mckinley Pl N, Seattle, WA 98103 - Zillow

5812 Mckinley Pl N, Seattle, WA 98103 - Zillow

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Price Drop on Great West Seattle Condo

Lowest priced 2 bedroom condo in 98116! Totally adorable! Gated entry, many updates and spacious layout. Light-filled spaces, huge living room, deck, updated appliances. HOA's include water, sewer, garbage and cable! Owner only pays low electricity bill. Walkable to Alaska Jnctn. and just 3 blocks to trendy California Ave. Walkable, commutable, and wonderfully livable.

Future development abounds, making for wise investment and future equity. Only unit in entire

building for sale!

Showing signs of warming up...well the market is at least!

The Seattle market is showing what I would call some serious promise for improvement. The multiple listing service breaks down different cities and counties into areas. An area that I pour a lot of my focus into is Area 705. Area 705 includes neighborhoods Ballard, Phinney Ridge, Fremont, Wallingford, Green Lake, Crown Hill, Greenwood, Blue Ridge, etc...Basically from north of Lake Union and the canal, all the way up to 145th, west of Roosevelt. That's, at least without a map, the best way I can describe this area. It's HUGE!

Anyway, I ran a rough comparative market analysis on how things are going in this area over the last 4o days or so, compared to the same 40 day period one year ago. Here is what I've concluded:

In the last 40 days, 61 homes sold in area 705. Last year during the same 40 days, 115 homes sold. That sounds horrible, right? Well, maybe. But just wait...The median sales price in 2009 was $460k. The average sales price in 2009 was $535k. The average days on market in 2009 was 111. The median sales price in 2008 was $479k. The average sales price in 2008 was $523k. And the average days on market for 2008 was 83. To break that down into percentages...

So far, in the area 705...(again, only the last 40 days have been analyzed, and compared with the same 40 days last year)

• The median sales price has dropped 4% in 2009 compared to 2008
• The average sales price has increased 1% in 2009 compared to 2008
• The average days on market has increased 33% in 2009 compared to 2008

My contention is this is great! Yes, places stayed on the market quite a bit longer this year. This was to be expected. Homebuyers are figuring out their financing, taking a longer time to look around, and being pickier about their choices. There's nothing wrong with that. I'm working with buyers who are in no rush and do not feel the need to rush! Good for them. If they miss an opporunity, they know another one will arise. These prices are realistic. There's more inventory, and better priced inventory, so I expect sales are going to increase over the next few months and we will have a good summer.

Unemployment is on the rise, but there are still people with good jobs. There are people still house hunting. There are people in certain industries (medical, government, etc...) that still feel solid about their employment and are taking advantage of the market opportunities. In-city living is a reachable, obtainable goal.

What do all of these numbers mean? Well, I'm going to break it down for the specific neighborhood of Wallingford.

Again, same 40 day window of analysis:

• In 2008, Wallingford had 8 homes sell. In 2009, there were 5. A difference of -38.5%.
• In 2008, the average Wallingford home sat on the market for 88 days. In 2009, that number is 87. An improvement of one day. (But hey! An improvement!)
• In 2008, the average Wallingford home sold for $288 a square foot. In 2009, $267. A difference of -7.3%.
• The median price in 2008 was $610k. In 2009, $509k. A difference of -17.6%.
• The average price in 2008 was $651k. In 2009, $664k. A difference of 1%.

Going on percentages, a drop in sales quantity looks really bad at a drop of almost 40%. But really, it was a difference of 3 homes. And currently in Wallingford, there are 5 homes pending sale. Most likely, those will this month. The average days on market has almost maintained identical averages. And though the median price in 2008 was higher, I find more importantly that the average 2009 home has actually also maintained (with a slight improvement this year). Things have slowed in Wallingford a bit, yes. Does that make Wallingford a less desirable neighborhood? No! Does that make Wallingford lose value in the eyes of house hunters? No! But it instills a sense of patience. A sense of wanting to really get the value out of their home choices. Wallingford is still one of the best neighborhoods in Seattle. And the bottomline is, things are moving! Slower, sure, but moving none the less! If you're looking to sell your home, be optimistic. Price it right, use staging advice, listen to your realtor, and be willing to possibly wait 87 or so days, and it will sell! If you're looking to buy a home, look at everything you can! Have your agent pull comps. Have your agent pull averages. Have your agent do their homework. If you think a house should be a better price than it is, don't be afraid to offer what you think it's worth, and just back it up with why!

Area 705 is doing great! It's slowed, yes, and doors of opportunity are abound.

We are in SEATTLE! Forbes Magazine said Seattle was the top city to be in on the rebound of this down economy. The TOP city. I have strong faith that the drop in sales, drop in prices, and slowed market is just what the Seattle Real Estate Doctor ordered. I personally welcome challenges and adversity with open arms. I enjoy working and am getting tremendous satisfaction out of the current market. To the Debbie Downers of the Seattle housing market, sit on the bench where you belong, and watch over the next few months what great things happen!

Opportunity has knocked in this economy...

Am I crazy to embrace this economy with open arms? Not only is my business doing better than ever. Not only am I busier than ever. But I've been able to help people who would have otherwise thought they could never afford a home in this economy.

I have felt both sides of the economic coin. My husband lost his job in October. He's an educated young man, with two degrees in architecture and construction management. He was told when he graduated that he will never lack for a job because of the field he'd chosen. Now, 5 months after being laid off, commercial and residential contractors aren't hiring, and neither are architecture firms. In fact, about once a week we're hearing about another layoff. And I do truly feel their pain. However, my husband's job loss was a huge blessing in disguise.

Necessity is the mother of invention. My husband has now started a real estate investing company and is very excited about what being "jobless" has provided for him.

The other side of the coin is my side. The Seattle Real Estate Sales side. I'm 27 years old. The majority of my friends are between the ages of 24 and 35 years old. They are college educated. They are ambitious. And like the majority of Americans, they want to own a home. I became a full-time real estate agent in 2006. And to find an in-city Seattle home under $500k was no doubt a fixer, or possibly a tear-down. And a $500k mortgage??? Good luck!

So I had all of these great friends, working in the city, living in the city, renting in the city. Though they wanted to buy a home, the idea of leaving the city was unappealing to most of them. Now, finally, as prices have dropped, a new opportunity has bestowed itself upon those who wanted to maintain their in-city living experience. Being able to walk to their local coffee shop, park, market, restaurants. Being able to go downtown for an event without it being a trek across the water. And how great to be able to achieve this!

Now, with layoffs, yes, it's hard. But eventually the job market will pick back up. And I believe the real estate market will be behind that. I've been blessed to find opportunity in tragedy. Dwelling on my husband's job loss only furthers the economic doom and gloom that's pumped up in the media. So why bother! Life is good!

Life has handed me lemons, and I'm producing lemonade like crazy!