Low inventory of family-friendly homes in Seattle

It seems like there are very few homes available right now for families looking in popular neighborhoods in Seattle like West Seattle, Greenlake, Wallingford, Queen Anne, and Ballard priced between $500K-$700K.  This price range is typically the most common price point for the 'move up' buyer.  When I searched today, there were only 82 homes throughout these neighborhoods that were 3+ bedroom, 1.5+ bath, 1800+ sqft in this price range.  That's not very many options for our buyers out there! 

I'm working with multiple buyers that fit the profile above and feel that there just isn't much to send them right now.  I know January is generally a slower time of the year, but it also makes it the best time to sell!  There's very little competition for sellers right now.  Do you agree?
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January 24 2011 - Seattle
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Rebecca, I think there is some truth to their being less inventory in that price range.  Overall inventory is down 3% from the same time last year, but I think the middle price point has been effected diferently.  Lower price points were effected the most.  Lower income families and first time home buyers typically purchase in the lower price points.  Those were the folks most effected by the recession.  Middle income families were more able to weather the storm and are feeling as though they can sit tight and wait it out.  Families that would have sold in the past 3 years are instead staying home and makeing upgrades to the home they currently live in.  Short sales and foreclosures are more concentrated on lower income homes.  With that flood on the market it should be some time before we see a retur of normal inventory levels in the $500-$700 price point.
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January 25 2011
I agree. I live in View Ridge in a "family friendly" house and I keep a close eye on other homes like it which might be right for us. I agree that inventory is tight in those areas for the types of homes I'm looking for.
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January 25 2011
But those die hard bears out there said "Massive foreclosure homes are going to hit the market this year and in next 5 years".
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January 25 2011
Another effect here is the way the city is pushing density, especially in the neighborhoods you mention. 1 and 2 bedroom condos seem to be the (ideal) wave of the future for Seattle. The master plan refers to them as "urban villages."

I do find it interesting though that developers do not invest in building 3 and 4 bedroom apartments/condos in residential neighborhoods. Is the number families who prefer city dwelling and would live in a 3-4 bedroom apartment and/or condo really that small? Does zoning not allow for it? Or is simply a matter of price?

-Geoff-
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February 01 2011
 
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