Signs of Life in Seattle

Good news! Signs of the end of hard times are finally here. Ballard, Green Lake, and North Seattle have suddenly reverted to a seller's market. Other areas that have changed over to a seller's market is the Beacon Hill and South Downtown Seattle area. The single-family supply of homes in those areas is down to a three-month supply. In April and May, those five neighborhoods have seen pending sales rise. In North Seattle, single-family home supply was 1.9 months and the pending sales increase was 61.9% while in Green Lake/Ballard, the month supply was at 2.5 while pending sales increased 10.6%.

The North Seattle area includes Wedgwood, Ravenna, Lake City and several other neighborhoods.

Other parts of King County have also improved from a buyer's market to a balanced market, according to Matt Deasy, Windermere Real Estate East. A balanced market means it would take three to six months to sell all homes in that area.

One reason for the market turn is because of the first-time home buyer. Home buyers are taking advantage of the low interest rates and the $8,000 tax credit.

Houses in Green Lake/Ballard had a median price of about $389,000 in May, which is down about 20% from the same time in 2008 and North Seattle is down 23% from last year with their median price for May at $415,000.

As an agent, I do see things changing; open houses are busier and I have seen several multi-offers in the past month. With this good news, hopefully it will get those buyers stuck on the fence to finally jump.