The Seattle Market – is it true?

Here’s a common misnomer, but one that we all use often and for different reasons:  “The Seattle Market.”  But really, to mix up all the neighborhood data into this one market snapshot is like mixing all the primary colors till they’re brown, and then trying to paint a rainbow with it.  Seattle is comprised of neighborhoods – each a primary color with more complex shades & layers beyond that.  What $350,000.00 buys in Capitol Hill (maybe a 1-bedroom condo), is completely different from what the same amount buys in Arbor Heights (maybe a 2/3-bedroom house and yard).  Your pennies stretch differently per neighborhood.  And we haven’t even gotten into streets and blocks within the neighborhood!

Seattle Neighborhood market data is unique to each...

As of April 25, 2010, the statistic is that a median single-family home in “The Seattle Market” is $392,731.00 and I can say confidently right now, there is no move-in ready 3-bedroom house on Montlake, Capitol Hill, Mount Baker or Queen Anne for this price.  But in Maple Leaf?  Yes this price point will buy a house and yard, maybe a nice 2-bedroom mid-century home.  In West Seattle?  Yes definitely in some micro-neighborhoods in West Seattle this is possible.  In Beacon Hill?  Yes again, a mid-century or Craftsman bungalow at $392,731.00 is definitely possible.  So for buyers, it quickly becomes clear what neighborhoods your price point allows and this makes your search constructive and efficient.  And for sellers, be the best option in a certain bracket within your neighborhood, because even in this economy, we still see multiple offer situations if you’re priced right.  Buyers know a good residence when they see it!

Marybeth Cicirello * 206.214.6556 * marybeth.cicirello@exprealty.com * Downtown Seattle Real Estate