Seattle among top real estate markets

There has been a continuous bright outlook for the real estate market in Seattle while most of the country has been struggling. In 2012, real estate in Seattle, WA, has increased in price as the amount of inventory has declined.

According to the Seattle Post-Intelligencer, Seattle came in at No. 4 as one of the top cities to invest in on a recent ranking, as the prices of homes in the metro area are expected to increase nearly 15 percent. For the 12th consecutive month, in June, home sales rose above the previous year. Sales have increased among homes listed for more than $300,000, a trend that is seen in many larger markets across the country. This has caused the median sales price to rise year-over-year for the third consecutive month, according to DataQuick.

Looking at both existing single-family houses and condos, the Seattle real estate market posted a 9.4 percent gain from the previous year this June. The city also saw a 17.3 percent increase in the number of new homes sold. Although it’s normal to see a rise in home sales between May and June, June 2012 saw the most sales since June 2007. That number is still 21.2 percent lower than the average number of homes sold during June since 1994.

The number of distressed property sales, which includes foreclosures and short sales, decreased from 40 percent in May to 38 percent in June. In June 2011, 43 percent of homes sold were distressed. The rate of foreclosures dramatically decreased, reaching the lowest level since October 2008. Foreclosed homes made up 14.6 percent of the market. The rate of short sales increased from 20.3 percent in May to 23.3 percent in June. In June 2011, only 13.9 percent of sold properties were short sales.

In June 2012, more homes were purchased for $200,000 or more than in June 2011. Sales above $300,000 had an effect as well, with 24.3 percent more sales compared with the previous year, and sales between $200,000 and $600,000 increased by 14.3 percent. The number of homes bought for less than $200,000 fell by 1 percent. The median sales price for a home in the Seattle area in June was $289,950.