South Seattle Market Review: Highs, Lows & In-Betweens (Part 1)

South Seattle Market Review: Highs, Lows & In-Betweens (Part 1)

Windermere Real Estate Mount Baker:

Windermere Real Estate recently released its Seattle real estate statistics for the first quarter of 2017, and we’ve got your South Seattle numbers below.

In the meantime, while we finally saw an increase in new listings in March, there was an even greater jump in sales. Lack of supply continued to push prices to new record highs, and for the fifth straight month, our region has experienced the sharpest home price increases of any major market in the country.

While that may be tough news for buyers, here’s the other reality: rents in the city of Seattle have increased 57 percent in the last six years. Brokers are hoping that more sellers will jump into the market this spring to help meet buyer demand.

So with just two weeks of inventory available, demand in Seattle remains as strong as ever. Packed open houses, multiple offers and escalation clauses continue to be the norm, and the median price for single family home in Seattle hit $700,000 in March.

“Inventory for the first quarter of 2017 is at historical lows,” said Windermere Mount Baker Designated Broker Joe Easterday. “Combine that with high demand and there continues to be a disparity with supply and demand. Hopefully we will see some more inventory in the second quarter.”

This week, we’ll focus on the South Seattle neighborhoods of Brighton, Columbia City, Genesee, Hillman City, Judkins, Lakewood, Leschi, Mt Baker, Rainier Beach, Rainier Valley, Seward Park and Skyway. Prices for residential homes in this area are up 11% year over year and inventory is about a quarter of what we are used to seeing this time of the year.

High price listing in Mount Baker: $1,405,000

High Price Listing

  • Mt Baker
  • 2007 30th Ave S
  • $1,405,000
  • 4 Bed / 3.5 Bath / 3,201 SQFT
  • MLS #: 1047885
  • Lot Size: 4,000 sqft
  • Year Built: 2016
  • Style: Multi Level
  • Views: City, Lake, Mountain, Territorial
  • School District: Seattle

Medium price listing in Mount Baker: $672,000

Medium Price Listing

  • Mt Baker
  • 2914 S Hill St
  • $672,000
  • 2 Bed / 1 Bath / 1,740 SQFT
  • MLS #: 1084476
  • Lot Size: 4,000 sqft
  • Year Built: 1925
  • Style: 1 Story with Basement
  • Views: Territorial
  • School District: Seattle

Low price listing in Rainier Beach: $350,000

Low Price Listing

  • Upper Rainier Beach
  • 9759 Arrowsmith Ave S
  • $350,000
  • 0 Bed / 0 Bath / 0 SQFT
  • MLS #: 1057026
  • Lot Size: 11,300 sqft
  • Year Built: 1925
  • Style: 1 Story with Basement
  • Views: Lake, Territorial
  • School District: Seattle

Next week, look for a similar review of Beacon Hill, Columbia City, Dunlap, Georgetown, Jefferson Park, North Beacon Hill, and SODO.

 

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