To show you some specifics of what the real estate market is like these days, here’s a close analysis of one West Seattle neighborhood. We looked at single-family home sales in early July.
Click to enlargeIn terms of real estate, the pandemic hasn’t slowed anything down. Homes still fly “off the shelf”—often in less than a week, and almost always in less than a month. And as far as quantity goes, we saw more new single-family house and condo listings enter the market this July than in any month since May 2019.
Last month we witnessed a wide range of home prices just in this small area. Prices ranged from $400,000 (3 bed, 0.75 bath) to $1,250,000 (3 bed, 3.5 bath)—and these two extremes were virtually on the same block! What this means:
For buyers: things are getting a little better, thanks to the influx of new listing, but only so much. It’s still a typical Seattle seller’s market. But with patience and a good Realtor team, you can often find something in your price range. Don’t discount a prized neighborhood just because “it’s too expensive.” This month’s market report is a good example. If you want to live near the water, in walking distance of the Fauntleroy ferry—you probably can.
For sellers: if you’re willing to make updates or find a Realtor team that does more work than most (hey, that’s us!), your house’s value isn’t limited to your area’s average sale price. You can renovate your home and get top dollar. As an example, take a look at what we did this summer with this fixer-upper down in Federal Way:
This market report is just a snapshot of one small neighborhood. If you’d like to see a more detailed breakdown of your specific, let us know! We’d be happy to show you specifics for your own neighborhood and provide in-depth recommendations for your personal and financial future. After thirty years, we’ve mastered both the art and science of Seattle’s tricky real estate market.
