Snapshot of the Seattle Housing Market
To compare the most recent full month, February 2013, with February 2012 I looked at total sales within the city of Seattle (condominiums as well as single family homes) and saw that the number was up 22% year over year! 438 homes sold in February 2012; 535 in February 2013.
I was curious about short sales and foreclosures, because it seems like there aren’t very many bank-owned properties on the market right now.
In fact “distressed sales”, which is what we call short sales and foreclosures, were 32% of our market a year ago February. This past month they were only 20% of the total.
Last year the bank-owned distressed sales were more than double the number of short sales. This year, the bank-owned were actually fewer than the short sales.
The brokers in my office are speculating why this is. Is it possible that the banks are delaying foreclosures, and trying to work with sellers to permit them to do a short sale rather than be foreclosed on?
Or are our housing market AND local economy generally improving enough that fewer people are falling off the edge? That’s my hope!
If you are wondering if you can sell your house or condo without it being a short sale this year, please contact me! I’ll help you figure it out, and can refer you to a good attorney to help you decide on your best option.
