Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
Demand still strong in West Seattle!

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 124
US
Washington
Nearby States
- Alaska
- Alabama
- Arkansas
- American Samoa
- Arizona
- California
- Colorado
- Connecticut
- Washington D.C.
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Iowa
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Maryland
- Maine
- Michigan
- Minnesota
- Missouri
- Northern Mariana Islands
- Mississippi
- Montana
- North Carolina
- North Dakota
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- Nevada
- New York
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Virgin Islands
- Vermont
- Washington
- Wisconsin
- West Virginia
- Wyoming
Don't see it?

Find:
Seattle
Nearby Cities
- Algona
- Ames Lake
- Auburn
- Baring
- Beaux Arts Village
- Beaux Arts
- Bellevue
- Black Diamond
- Bothell
- Bryn Mawr-Skyway
- Burien
- Carnation
- Cascade-Fairwood
- Clyde Hill
- Cottage Lake
- Covington
- Des Moines
- Duvall
- East Hill-Meridian
- East Renton Highlands
- Eastgate
- Enumclaw
- Fall City
- Federal Way
- Hobart
- Hunts Point
- Inglewood-Finn Hill
- Issaquah
- Kenmore
- Kent
- Kingsgate
- Kirkland
- Lake Forest Park
- Lake Marcel-Stillwater
- Lake Morton-Berrydale
- Lakeland North
- Lakeland South
- Lea Hill
- Maple Heights-Lake Desire
- Maple Valley
- Medina
- Mercer Island
- Milton
- Mirrormont
- Newcastle
- Normandy Park
- North Bend
- Pacific
- Preston
- Ravensdale
- Redmond
- Renton
- Riverbend
- Riverton-Boulevard Park
- Sammamish Bluffs
- Sammamish Crown
- Sammamish
- Seatac
- Seattle
- Shoreline
- Skykomish
- Snoqualmie
- Tanner
- Tukwila
- Union Hill-Novelty Hill
- Vashon
- White Center
- Winslow
- Woodinville
- Yarrow Point
Don't see it?

Find:
Neighborhood
Nearby Neighborhoods
- Adams
- Admiral
- Alki
- Arbor Heights
- Arroyo Heights
- Ballard
- Beacon Hill
- Belltown
- Bitter Lake
- Briarcliff
- Briercrest
- Brighton
- Broadview
- Broadway
- Bryant
- Capitol Hill
- Cedar Park
- Columbia
- Crown Hill
- Denny - Blaine
- Downtown
- Dunlap
- East Ballard
- East Queen Anne
- Eastlake
- Edgewater Park
- Fairmount Park
- Fauntleroy
- First Hill
- Fort Lawton
- Foy
- Fremont
- Gatewood
- Genesee
- Green Lake
- Greenwood
- Haller Lake
- Highland Park
- Hillman City
- Junction
- Lakewood
- Laurelhurst
- Lavilla
- Lawton Park
- Leschi
- Lower Queen Anne
- Lowman Beach Park
- Loyal Heights
- Madison Park
- Madrona
- Magnolia Bluff
- Mann
- Maple Leaf
- Matthews Beach
- Meadowbrook
- Meridian
- Metum
- Minor
- Montlake
- Morningside
- Mount Baker
- Mt. Baker
- North Beach
- North Beacon Hill
- North College Park
- North Park
- North Queen Anne
- Northgate
- Olympic Hills
- Phinney Ridge
- Pinehurst
- Queen Anne
- Rainier Beach
- Rainier Beach
- Rainier Valley
- Rainier View
- Ravenna
- Riverview
- Roanoke
- Roaring Creek
- Roxhill
- Seward Park
- South Beacon Hill
- South Delridge
- South Seattle
- Southeast Magnolia
- Stevens
- Sunset Hill
- Tamill
- University District
- University
- Upper Providence
- Victory Heights
- View Ridge
- Wallingford
- Wedgwood
- Wedgwood
- West Queen Anne
- West Seattle
- West Woodland
- Whittier Heights
Don't see it?

Find:

Demand still strong in West Seattle!

Rebecca Carlson, "Rebecca finds homes"
Contributions: 40

Rebecca Carlson, "Rebecca finds homes"

Real Estate Agent

Contributions: 40

Q&A

:17
Disc

:8
Photos

:15

View full profile

I follow the West Seattle market very closely (among other areas in Seattle). And, as I mentioned a few weeks ago, things are still going well in this part of Seattle. There are currently 533 single family homes and absorption listed in all of West Seattle (category 140 in the Multiple Listing Service). There are also 227 homes pending a sale. This ratio of 2.35 indicates strong demand for West Seattle homes. The median price of the 533 homes currently listed is $429K. The median price of the homes currently pending is $339K. Average days on market of the pending homes is 68 days. And, as can be expected with such a large area, there are many examples of homes that have sold in a day, to homes that have taken 1.5 years.

As for absorption, West Seattle is still in a neutral market. The high demand we've seen over the past few months has been primarily driven by the first-time home buyer market. (reflected in that $339K average price of sold homes) There are currently about 5 months of inventory remaining in West Seattle. So, why can we have strong demand, yet a 5 month absorption rate? It's primarily driven by the elongated close cycle of pending homes. Most lenders ask for a 45-day close cycle, instead of the old 30-day process. Also, short-sales can take 3-6 months to close, impacting the absorption rate. However, I believe that as long as we follow this positive demand trend (and, we don't get a large influx of new listings), demand will continue to remain high and the absorption rate should start to decline.