Condos in the Northeast Seattle area (University, Roosevelt, Lake City, Pinehurst, Wedgwood) is slowing showing signs of improvement from the seasonal Winter downturn. The median condo price rose slightly over February to $255,800, though a tad lower than March of 2007 by .85%.
Unfortunately, the 126 active listings reflect a 5% increase over February and 142% above the same period last year. However, the Northeast neighborhoods were the only areas of the city that did not experience a decline in the number of pending sales, and at 4.1 months, has the lowest inventory supply rate in Seattle.
The median price for condos in Northwest Seattle (Ballard, Green Lake, Fremont, Wallingford, Greenwood) increased to $291,840, the highest level since last Summer and reversed a year-over-year decline trend.
New condo developments in Ballard as well as newly listed resales have pushed the number of active listings up 65% over March 2007, to 252 properties. Northwest Seattle's inventory supply currently stands at 5.3 months.
March 2008 exhibited a marked improvement for downtown Seattle condo values with the median price rising to $525,000, a 13.3% increase over the same period last year and a 39.6% jump over February.
The good news in property values is tempered by a significant rise in the number of active listings to 343, a 51% increase compared to March 2007. Although pending sales are down, the downtown area has the second lowest decline in pendings at -11%, while closed sales increased 25%. The absorption rate now stands at 6 months.
Last month exhibited the second consecutive decline in Capitol Hill's median condo price in both month-over-month and year-over-year results. At $313,000, the median price is down 4.3% from the same period last year. Unfortunately, the outlook portends more of the same as Capitol Hill has the highest absorption rate in Seattle at 8.6 months.
The number of active condo listings increased 47% over March 2007 to 336 properties. Additionally, fewer condos are being sold with a 57% drop in the number of pending sales, compared to March of last year.
In March, the condo market on Queen Anne reversed a price decline trend with a 20.2% increase in median price to $372,450, compared to the same period in the prior year. The number of active condo listings increased 42% over March 2007 to 251 properties. Fewer properties are being sold with closed sales down 44% from last year. However, the absorption rate of 4.6 months makes the Queen Anne/Magnolia neighborhood one of the strongest markets within Seattle.
Queen Anne | Magnolia Median Price
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Located in the Belltown district of Downtown Seattle, Ben specializes in urban real estate. Ben's the author of the Seattle Condo Blog and is your expert source for Seattle's condos & lofts.
Ben's goal is to simplify your home buying and selling experience by providing unparalled service, responsive communications and expert knowledge of the Seattle urban real estate market while maintaing uncompromising principles.
To simply the process, Ben developed his Seattle Real Estate website to provide in-depth information that includes buying and selling tips/articles, demographic information, area market updates, community resources and appreciation rates. Ben primarily real estate niche urban real estate and create a consumer-focused site called The Seattle Condo Blog. Additionally, Ben also started a blog called Seattle Housing Buzz providing commentary about market trends, news and real estate technology.
To simplify property searches, Ben has incorporated neighborhood condo Quick Searches in his website. With just one click buyers can see all available condo and loft properties for a given neighborhood.
To simplify the transaction process, Ben has partnered with expert associates. Ben's team includes Title and Escrow partners, a number of lenders to satisfy his clients specific needs (first-time buyers, presales, zero-down, etc) and a transaction coordinator to ensure a smooth, stress-free process.
Originally from the sunny shores of Honolulu, Ben has lived in Seattle for the past 17 years and now considers himself a true Northwesterner. In his spare time, Ben indulges in black & white fine art photography and volunteers with the Seattle Animal Shelter as a dog walker and foster parent.
Ben volunteers and/or contributes to the following organizations:
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In the media:
Ben specializes in Seattle real estate - condos, lofts and townhomes - in Downtown Seattle, Belltown, Queen Anne, Capitol Hill, First Hill, Pioneer Square, Ballard, Fremont, Green Lake, University District and West Seattle. Though Ben is an urban condo and loft specialist, he has a number of clients in South Snohomish County and have sold homes in Bothell, Mill Creek and Lynnwood.
Urban Real Estate:
A national trend is underway in many cities - Suburban Flight - a reversal of the decades long Urban Flight. With rising fuel costs, long commutes, restrictions on growth & rising housing costs, many people are moving back to the urban core. Faciliating this trend is the revival of the urban core - enticing business back to the cities, investing in civic projects, creation of pedestrian friendly urban centers and rezoning.
Ben Kakimoto and his associates, based in downtown Seattle, understands this movement and have intimate knowledge of Seattle's urban housing market. Keeping abreast of new developments and building relationships with developers, Ben and his team provides expert knowledge about buying and investing in urban real estate.
To keep home buyers up-to-date about the numerous projects underway, Ben has devoted an entire blog to profiling Seattle's Condos and Lofts. In addition to profiles of new and existing projects, Seattle Condos and Lofts includes informative articles on purchasing pre-constuction presale and investing.
Seattle's Long Trusted Company:
Ben is an agent and REALTOR associated with John L. Scott's Seattle Center Office in Belltown. John L. Scott Real Estate is celebrating it's 75th Anniversay this year and is the region's premier real estate services company. John L. Scott Real Estate is Washington's largest and most successful real estate company based on volume (Realtor Magazine, July 2006).
John L. Scott's success is credited upon the personal and trusted relationship it's agents build with their client. Ben works closely with his clients to understand their needs and requirements. As a full-service agent, Ben focuses on providing uncompromising service that his clients have come to expect.
Recently, Ben's office was selected to handle onsite sales for Vulcan Real Estate. Vulcan's upcoming projects include the Veer Lofts, Rollin Street Flats, ENSO and The Martin. Please contact Ben if you are considering investing in a Vulcan property.
Background:
Ben brings years of experience & business savvy to the real estate profession. As a former risk manager/underwriter for a major financial services company, Ben understands the importance of clear communications, fiduciary duty, respecting confidentiality and minimizing risks. As a former IT Project Manager, Ben provides experience in high-level negotiation, managing project workflow (the buying and selling process is a project), understanding different personalities and maintains a cool demeanor.
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If you're new to Seattle or a long-time resident, here are some help resources to living and working in the Emerald City:
"Ben helped to alleviate the stress by providing a thorough market analysis, explaining the process and walking through the steps and forms needed to make the purchase of a home a reality." -- Nancy K., Bothell, WA
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