The market predictions for 2015 are all about buyers – especially young home buyers – having their best shot in years at finding a home.
First-time buyers who stayed out of the market – either for demographic reasons or because they just couldn’t find the right entry-level home – will have a breakthrough year in 2015..
These predictions are based on housing data that shows rents continuing to skyrocket while the for-sale market levels off. That economic reality, increased inventory, and millennial s getting married and having children after delaying those choices, will give buyers more negotiating power.
In fact, it is predicted the millennial generation will overtake Generation X as the biggest group of home buyers in 2015.
This week I’m excited to look at the market in West Seattle., from the beach culture at Alki and tide pools of Lincoln Park to “city” living at The Junction (SW Alaska Street and California Avenue SW) and its proximity to the multicultural up-and-comer White Center, West Seattle is diverse and full of opportunity. It is becoming an increasingly popular destination for young families and with it’s affordable housing opportunities, I am beginning to see why. For those who are concerned about the commute, through some qualitative research (asking West Seattle friends about their commute), the average commute time to downtown Seattle is approximately 30 minutes, which isn’t too bad considering the lifestyle and community that West Seattle offers its residents.
Micro ’hood to watch: Arbor Heights. While it’s not a destination, Arbor Heights, full of modest homes built for Boeing workers in the 1940s, is on the rise. Sadly, it ranks 98th of 100 Seattle neighborhoods on Walkscore.com, which means you may have to drive to get a latte, a cupcake and a library book, but people love it because the backyards are huge, the views are expansive, and the kids can walk safely to the school right down the street.
Don’t miss: Primo shopping at The Junction, including a growing assortment of consignment boutiques; the fried chicken at Ma‘ono; anything from Bakery Nouveau; and a delicious, kid-friendly breakfast at Salvadorean Bakery and Restaurant (technically in White Center).
Go-to for out-of-town guests: Lincoln Park for the view.
Famous for: Current resident Eddie Vedder and former residents Frances Farmer and Ivar Haglund.
So, what’s happening in the housing market? Well, as of January 26th, 2015 there are 148 active listings which include both single family homes and condominiums. The price range is between $143,100- $2.85 million with the median list price being $469,500. In the past 90 days, there have been 368 homes sold, ranging from $113,500-$2 million with the median sale price being $399,000. This puts months of inventory based on closed sales at 1.21 months, down slightly from December that was at 1.7 months inventory. This indicates a really hot market, which is understandable based on historiclly low interest rates and a great place for young famlies who are first time home-buyers to move.
Months of inventory through Devember 2014. January 2015 is almost down to record low months supply of inventory.
Average price for sale vs. actual sale price through December 2014.
What does $400,000 get you in West Seattle? After doing some research, I have become quite the fan of West Seattle myself and below are a few pictures of what $400,000 will get you in West Seattle.
New Construction Town homes minutes from Alki + the city
If you are thinking of purchasing a home, please contact me at firstname.lastname@example.org, shoot me an email and I can send you a buyer’s packet outlining the process. It’s a great time to buy, and the more questions you ask up front the better prepared you will be when you decide to take the purchasing plunge. Happy Monday everyone!