January in Seattle – Real Estate Market Improves!

Slightly, which is better than the other ‘way round.

Home sales in Seattle were up 10% from last January, partially fueled by an improving economy and incredibly low interest rates. A year ago, 30-year fixed-rate mortgages averaged 4.75%, today they are at 3.87%; this provides an 11% greater purchasing power.

House sales were up 8%, although the median price fell 3%, to $366,750. The percentage of short sales for houses fell from11% to 8%.

Condo sales were up 15%, but the median sales price of $205,000 is 25% lower than a year ago. 17%  of sales were short sales, up from 15% a year ago.

Multiple offers – bidding wars – are starting to emerge over desirable in-city properties.

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