Part of what is going on in that particular price range is the drying up of funding for people with little to no money down and less than stellar credit scores. The asking prices that are now reducing were based on sale prices from a time when lending practices were a lot looser. So price dropping is not helping since too many cannot buy at any price.
245 properties have sold in the last six months, so current inventory represents about a 4 month supply. The sold properties had an average price of $563,579 and a median price of $485,000, so it would appear that the properties on market are the ones at the higher end of the price range in the area, for the most part, with the more reasonably priced homes selling at a faster rate than the higher end, which is normal for most areas.
Newer Townhomes range in price from the low $400,000s to $850,000. Brick tudors and craftsmen homes with over two bedrooms are generally in the $850,000 to $1,100,000 range. Those with great views of the sound are in the $2M to $4M range.
Slightly more condos have sold than single family residences (including townhomes). A 1 bedroom condo is usually $300,000 give or take, some lower. 2 bedrooms are $450,000 to $800,000, some higher and some lower and 3 bedroom condos are mostly in the $1.M plus range.
Many, if not most, of the single family homes were built in the early 1900s from 1907 through 1928 or so.
I have focused on 98199 (west queen anne) and 98119 (magnolia).
I don't know how bad it can get and I keep thinking that at any reduction point SOMEONE must be going to buy something but it is just not happening.
It is the strangest thing I have ever seen. Does anyone have any insight into what might be going on?
Ardell is very knowledgeable and very honest and I think she can provide some insight into what on earth is happening with this market.
As noted, the prices will vary across the entire county. The median price for the entire King county in September was $395,000.00. Snohomish County was aproximately $345,000.00. The Seattle Metro area is quite large and the price of a home depends on the location.
If you are being specific to the 98119 then look at the previous agents response to your questions. Those numbers are correct. If however you are looking outside this area, please clarify and let us know.