For more than 35 years, brokers at Windermere Mount Baker have provided professional real estate consultation and direction for home buyers and home sellers

South Seattle Home Prices Vary Greatly by Neighborhood

By Ray Akers, licensed Realtor with Akers & Cargill:

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Ray Akers is a licensed Realtor with Akers & Cargill, a South Seattle-based real estate partnership.

In a dramatic turn-around since the Great Recession ended in 2009, more than 91 percent of homes in the United States now have positive equity with one million homeowners regaining equity in their homes in 2015, according to CoreLogic’s latest Equity Report.

The outlook for 2016 is positive as well, with an additional 850,000 properties expected to regain equity if—as predicted—home prices rise another five percent this year.

Of the 91 percent of homeowners with positive equity in the United States, 72 percent have significant equity, defined as more than 20 percent. The news is even rosier for Seattle, where more than 80 percent of homeowners have significant equity in their homes.

Do you know the median home price in your neighborhood?

(A note about the median price: Median price is not the average price. The median price is the middle price, which means half of the homes in a neighborhood are above the median price and half of homes are valued below the median price. The median price is a more accurate representation of value.)

In its latest press release, the Northwest Multiple Listing Service reports that median home prices increased more than 9 percent from one year ago, partly due to a nearly 26-percent drop in inventory over the same period. Home prices are still rising, and faster than forecast.

With spring, the real estate market usually sees an increase in inventory; this spring, we’re seeing shrinking inventory. With inventory so low, it’s not unusual to have more than 20 offers on a new listing, as buyers vie for scarce inventory.

Closer to home, sale prices in South Seattle mirror what’s happening citywide. The data below is gathered from recent sales which occurred in the last six months (including May 2016). Note the wide range of median prices, which vary from neighborhood to neighborhood.

South Seattle Median Home Prices by Neighborhood:

  • Mt. Baker $750,000
  • Lakewood $733,500
  • Seward Park $648,000
  • Columbia City $522,575
  • Lakeridge $510,00
  • Beacon Hill $503,500
  • Hillman City $413,500
  • Rainier Beach $380,500
  • Brighton $365,000

Main photo/Courtesy of Windermere Mount Baker

 

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