I have been looking for a way to share information on the Fall City market so I thought I would try posting it here. If you have trouble seeing the graphs, if you are using Internet Explorer try magnifying the view of the page to 125%. I think you will be able to see the detail better at that setting.
The real estate market in the Seattle Area is still in a very strong market as compared to most of the rest of the country. That said, all real estate is local. Within the Seattle Tacoma Everett market there are variations in the how the market is doing. Also within an area different price ranges can have their own characteristics. Let’s take a look at the past 15 months of the Fall City resale market.
First up is a graph showing the resale market over the last 15 months, at all price ranges in the zip code 98024.
This graph shows that inventory is building and the number of sales is not. With 41 available listings and 5 going to pending status, in a month we have an 8 month supply of homes. Lets see if we can break that down a bit.
The next graph shows the resale inventory of home up to $500,000.
Here we see four listings for sale with 2 going to pending and 2 closing. So we have a two month supply of inventory in this price range. It looks like there is a shortage of inventory in this price range.
Next up $500,000 to $1,000,000.
Here we see nineteen homes for sale, and two closing and one moving to pending status in the month of April. Here the number of homes available each month has stayed pretty consistent this year starting with fourteen listings in January up to nineteen available in April. So we have a nine month supply of homes in the $500,000 to $1,000,000. price range.
Here we see eighteen available listings, two closed in April and two went to pending status. Again we see a nine month supply. The supply here is increasing rapidly from just four homes available in January to the eighteen in April. In fact the available inventory doubled from nine in March to eighteen in April. Also remember that in the higher price ranges, $750,000 and up there are new construction homes available that are competing for the buyers. Under $500,000 there really isn’t any new construction available in Fall City. Keep in mind that these graphs do not include the new construction component of the Fall City Market. How does this information compare with your experience and observations?
The information in the graphs uses Northwest Multiple Listing information, and is deemed to be accurate, however the information was not compiled by the NWMLS.