South Seattle Market Review: Highs, Lows & In-Betweens (Part 2)

South Seattle Market Review: Highs, Lows & In-Betweens (Part 2)

Windermere Real Estate Mount Baker Agent Serena Heslop:

Windermere Real Estate recently released its Seattle real estate statistics for the first quarter of 2017 (see South Seattle numbers below) and inventory remains at historic lows.

It seems to be the usual story for Seattle, low inventory, lots of people moving to Seattle, creating continued price increases. Plus, limited expansion potential for the Seattle area with the Puget sound to the West and the Cascades to the east. Low inventory is partly caused by home owners who may want to move up, but can only do that when they sell their house.”

Also, although I was able to do it in 2016, buying contingent in this fast-paced market is almost impossible, so buyers must be prepared for an interim housing situation, which can be a hassle.

For buyers, moving further south gets you more house for your money, although many people understandably want to be close to light rail stations. The area around Othello station has seen quite an increase in house values recently and there has also started to be a price boom close to the projected Graham Street station.

It seems a lot of parents are stepping up to help their kids buy houses and we are seeing a lot of cash offers in first time buyer ranges, which of course makes it hard for young folks reliant on a getting traditional mortgage loan.

I am seeing sellers deciding to remodel their homes instead, although that can certainly be a big disruptive pain. Sellers can certainly get a great price for their homes but also have to be prepared to compete for their next house.

Last week, with South Seattle Market Review: Highs, Lows & In-Betweens (Part 1), we focused 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.

This week, we’re turning our spotlight on the South Seattle neighborhoods of Beacon Hill, Columbia City, Dunlap, Georgetown, Jefferson Park, North Beacon Hill, and SODO.

High price listing in Beacon Hill: $660,000

High Price Listing

  • Beacon Hill
  • 5911 20th Ave S
  • $660,000
  • 5 Bed / 3.5 Bath / 3,270 SQFT
  • MLS #: 1076523
  • Lot Size: 7,350 sqft
  • Year Built: 1995
  • Style: 11/2 Story with Basement
  • Views: City, Mountain, Territorial
  • School District: Seattle

Medium price listing in Beacon Hill: $502,000

Medium Price Listing

  • Beacon Hill
  • 6025 31st Ave S
  • $502,000
  • 2 Bed / 1 Bath / 1,640 SQFT
  • MLS #: 1069971
  • Lot Size: 5,250 SQFT
  • Year Built: 1953
  • Style: 1 Story with Basement
  • Views: Mountain, Territorial
  • School District: Seattle

Low price listing in Beacon Hill: $350,000

Low Price Listing

  • Beacon Hill
  • 9244 36th Ave S
  • $350,000
  • 2 Bed / 1 Bath / 2,120 SQFT
  • MLS #: 1072794
  • Lot Size: 7,813 sqft
  • Year Built: 1911
  • Style: 1 Story with Basement
  • Views: None
  • School District: Seattle

 

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